Adani Green Energy Issues Statement on Project Exit
Adani Green Energy has addressed reports regarding its withdrawal from a wind power project in Sri Lanka. In a statement issued on Thursday, the company clarified that a subsidiary had previously shown interest in developing wind power and associated transmission infrastructure projects in the country. While initial studies were conducted, the company has now decided to step back from these projects.
The firm emphasized that no binding agreement had been executed between Adani Green Energy or its subsidiary and Sri Lankan authorities. Despite the withdrawal, Adani Energy reaffirmed its commitment to Sri Lanka, stating that it remains open to future collaboration should the Sri Lankan government express interest.
Market Response and Share Price Movement
Following the clarification, Adani Green Energy’s stock experienced a slight dip, closing 0.42% lower at ₹913.20 on the Bombay Stock Exchange (BSE). The company’s market capitalization stood at ₹1.44 lakh crore. A total of 3.50 lakh shares were traded, with a turnover of ₹32.55 crore.
In response to the fluctuations in stock price, Adani Energy clarified that such movements are purely market-driven. The management asserted that it neither has control over nor insight into the reasons behind the rise or fall in the value of its shares.
Future Prospects and Commitment to Renewable Energy
Despite its withdrawal from the Sri Lankan project, Adani Energy remains focused on expanding its renewable energy initiatives. The company continues to explore opportunities in clean energy development and has reiterated its dedication to sustainability and innovation.
Adani Green Energy’s stance on Sri Lanka indicates a willingness to re-engage in the market if conditions align favorably. As global demand for renewable energy grows, the firm is expected to seek new ventures that align with its long-term vision.
