Billionaire Gautam Adani has decided to step back from two wind power projects in Sri Lanka. Adani Green Energy announced the withdrawal, citing the decision taken by the newly formed Sri Lankan government. The new President, Anura Kumara Dissanayake, is keen on reducing electricity tariffs, leading to a fresh review of power projects. Adani Green Energy has formally informed the Sri Lankan authorities about its decision to withdraw from these projects.

Adani Group had initially planned to invest around a billion dollars in Sri Lanka’s wind power generation. However, the company stated that it decided to pull out following the policy changes introduced by the new government. Despite this withdrawal, Adani Green Energy confirmed its willingness to collaborate with Sri Lanka on future projects.

Meanwhile, Adani Group will continue with its investment in Colombo’s port terminal project, where it plans to invest $700 million. Previously, the Sri Lankan government had signed an agreement with Adani for the wind power project, aiming to supply electricity to Sri Lanka. However, with the new government reconsidering electricity tariffs, Adani Energy has decided to exit from the power projects.