Adani Green Energy stated that one of its subsidiaries had previously expressed interest in developing wind power projects and associated transmission infrastructure in Sri Lanka. Adani Green Energy Ltd (AGEL) has clarified reports regarding its withdrawal from a wind power project in Sri Lanka.
The company, a key player in India’s renewable energy sector, issued a statement addressing its decision while reaffirming its commitment to future collaboration with Sri Lanka.
Withdrawal from Wind Power Projects
Adani Green Energy stated that one of its subsidiaries had previously expressed interest in developing wind power projects and associated transmission infrastructure in Sri Lanka. The firm had conducted preliminary studies but had not signed any definitive agreements.
“We have clarified that a subsidiary of the company had in the past expressed its interest in setting up certain wind power projects and its associated transmission infrastructure projects in Sri Lanka and had undertaken certain studies for the same. No definitive agreement was executed by the Company or its subsidiary. We have now respectfully withdrawn from further engagement for these projects in Sri Lanka. However, we continue to remain committed to Sri Lanka and are open to future collaboration, if the Government of Sri Lanka so desires,” Adani Green said in its statement.
Market Response and Stock Movement
Following the announcement, AGEL addressed concerns regarding stock price fluctuations, emphasizing that market conditions drive such movements.
“The increase or movement in the price of the scrip of any company is purely due to market conditions and absolutely market driven. The management of the Company neither has any control nor has any knowledge of the reasons for the increase in the price of its equity shares,” the firm clarified to BSE.
On the previous trading day, Adani Green Energy shares closed 0.42% lower at ₹913.20 on the BSE, with a market capitalization of ₹1.44 lakh crore. Approximately 3.50 lakh shares were traded, resulting in a turnover of ₹32.55 crore.
Background and Industry Presence
Adani Green Energy secured approval in February 2023 to invest $442 million in developing 484 MW wind power plants in Mannar town and Pooneryn village, both in Sri Lanka’s northern province.
AGEL is one of India’s largest renewable energy firms, with a project portfolio of 20,434 MW. The company specializes in developing, constructing, operating, and maintaining large-scale solar and wind energy projects, supplying electricity to government entities.
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