Adani Group says yet to sign renewable projects in Sri Lanka, to invest $500 mn

Adani Group on Thursday confirms receiving provisional approval for renewable energy projects in Sri Lanka. However, Adani also clarified that the deal is yet to sign any definitive agreement. Adani Group-backed Adani Green Energy has received provisional approval from the Sri Lankan government for two wind projects in Manner and Pooneryn with an investment of $500 million.

Stock exchanges had sought clarification from Adani Green over a media report stating Adani Group gets provisional approvals for renewable energy projects in Sri Lanka.

In its regulatory filing today, Adani Green replied to the stock exchanges by saying, “We wish to submit that the Company, in its normal course, keeps on exploring various business opportunities. Please note that at this point in time, the Company has received the provisional approval only, whereas it is yet to sign any definitive agreement which would require any disclosure.”

Further, Adani Green said, “The Company shall make appropriate public disclosures in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable laws as and when there is a disclosable event.”

On BSE, Adani Green is trading at 2,313.10 apiece up by 84.90 or 3.81% at around 3.20 pm. The shares have touched an intraday high and low of 2,343.85 apiece and 2,206.40 apiece respectively.

Adani Green’s market valuation is around 3,66,402.55 crore — making it the sixteenth largest company in terms of market share.

However, on August 16, Sri Lanka’s Power and Energy Minister Kanchana Wijesekera confirmed the approval to Adani through a tweet.

On Tuesday, Wijesekera met officials of CEB and the Sustainable Development Authority to discuss the progress of renewable energy projects. During the meeting, Adani Green was granted provisional approval for two wind projects of 286MW in Mannar & 234MW in Pooneryn.

Sri Lankan minister tweeted saying, “Met officials of CEB & Sustainable Development Authority today to discuss the progress of renewable energy projects. Adani Green Energy was issued Provisional Approvals for 2 Wind projects of 286MW in Mannar & 234MW in Pooneryn for an Investment of over $500 Million.”

Adani Green Energy is one of the largest renewable companies in India, with a current project portfolio of 20,434 MW.

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