This was the first official meeting since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the Indian business group
Sri Lankan Energy Minister Kanchana Wijesekara said on Wednesday that the progress on the renewable energy project to generate 500 MW was discussed with the Adani Green Energy officials. In August last, the Adani Group was issued approval to start wind power projects in Pooneryn, in the country's northeast.
Adani Green Energy was issued provisional approval for two wind projects of 286 MW in Mannar and 234 MW in Pooneryn for an investment of over USD 500 million. Commenting on the progress, Wijesekara said provisional approval from the Sri Lanka Sustainable Energy Authority was issued two weeks ago. The necessary land acquisition is in progress.
This was the first official meeting since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the Indian business group. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The Adani investments in Lanka's energy sector are in addition to their investment in the port of Colombo's Western container terminal. Gautam Adani, the group's chief, had met the then president Gotabaya Rajapaksa in October 2021 to push ahead with the group's investments in the country after they annexed the deal to develop the Colombo port's western container terminal under the Rajapaksa presidency.