The Sri Lankan government has started talks with India's Adani Group to lower the cost of power from two wind power projects the group will build in the island nation's northern province, the cabinet spokesperson said on Tuesday.

The Sri Lankan government has started talks with India's Adani Group to lower the cost of power from two wind power projects the group will build in the island nation's northern province, the cabinet spokesman said on Tuesday.

The Adani Group clarified that the Sri Lankan Cabinet’s decision to reevaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government

Sri Lanka has revoked a power purchase deal with India's Adani Group after a probe into U.S. allegations that the conglomerate's executives paid bribes to secure Indian power supply contracts, according to an AFP report published by the Economic Times newspaper on Friday.

Adani Green Energy's stock experienced a decline following the news of Sri Lanka's termination of the power purchase agreement, reaching a daily low of Rs 1,008.

The initiative aligns with Sri Lanka’s goal of increasing renewable energy sources to address its energy crisis and boost economic recovery.

Reports that Adani Group's 484 megawatts (MW) wind power projects in Sri Lanka's northern Mannar and Pooneryn districts have been cancelled are false and misleading, an Adani Group spokesperson said Friday.

Sri Lanka's government has reportedly revoked a power purchase agreement with Adani Group amid corruption allegations against its founder Gautam Adani. President Dissanayake's administration is reviewing the proposed wind power project,