Adani Green Energy Ltd will not be building two wind power projects in Sri Lanka after the government sought lower tariffs, Bloomberg reported, citing a letter from the Adani Group.

HT can’t independently verify the information.

Also Read: Tata Steel looks to raise ₹3,000 crore from fresh bond issue after one-year hiatus: Report

The proposed wind projects in Mannar and Pooneryn, including transmission lines, would have resulted in a $1 billion investment for Sri Lanka if it had happened, according to the report.

Sri Lanka, led by President Anura Kumara Dissanayake was trying to reduce the power prices to less than 6 US cents, according to the report which added that this came after the previous administration had agreed to buy electricity at 8.26 US cents.

This comes at a time when the Adani Group also faced setbacks in Bangladesh over unpaid dues and infrastructure projects being scrapped in Kenya after the bribery probe against the Group by the US Securities and Exchange Commission (SEC).

Also Read: Coinbase looks to come back to India, in talks with regulators: Report

The Sri Lankan project allowed great scope for Adani to expand its wind portfolio globally, which at the moment is a small portion of its generation mix.

It even had plans to ship the renewable energy from Sri Lanka to India; Plans which involved the two nations linking their power grids.

How did Adani shares perform?

Adani Green Energy Ltd shares were trading at ₹918.75 on the Bombay Stock Exchange (BSE) at 3 pm IST. This was a rise of 0.19% or ₹1.70.

Also Read: Asia’s richest families: Indians dominate with 6 in top 20

Meanwhile, the flagship Adani Enterprises Ltd was trading at ₹2,251.80, a drop of 4.31% or ₹101.35.