Adani Green Exits Controversial Renewable Energy Project in Sri Lanka + Banking_SBI_PO?.ToString()?? Banking_SBI_PO?.ToString()+" Current Affairs";

Why in News?
Adani Green Energy has withdrawn from a $442-million renewable energy project in northern Sri Lanka, citing protracted negotiations and government renegotiation efforts. The decision marks a significant retreat for the Adani Group, which has been actively investing in India’s neighboring countries.
What Led to the Withdrawal?
Local Opposition: The project faced fierce resistance from locals and activists over environmental concerns, including potential damage to an aviation corridor.
Legal Challenges: The project’s approval, granted without a competitive tender process under the Gotabaya Rajapaksa administration in 2022, was challenged in Sri Lanka’s Supreme Court.
Renegotiation Efforts: President Anura Kumara Dissanayake’s government sought to revise the power purchase agreement, lowering the tariff from 8.26 cents per kWh.
Project Details:
The 484 MW wind farm project in Mannar and Pooneryn was part of a larger $1 billion investment plan.
Adani Green cited over two years of unresolved discussions with the Ceylon Electricity Board as a key reason for exiting.
Broader Implications:
Political Win: The withdrawal is seen as a victory for President Dissanayake, who had vowed to cancel the project during his 2024 election campaign.
Adani’s Regional Strategy: Despite this exit, the Adani Group continues its $700-million Colombo port project, signaling a selective approach to investments in Sri Lanka.
Conclusion:
Adani Green’s exit underscores the challenges of balancing large-scale infrastructure projects with environmental concerns and local opposition. It also highlights the complexities of cross-border investments in politically sensitive regions.
Way Forward:
Transparent Processes: Future projects should ensure competitive bidding and transparent approvals to build public trust.
Stakeholder Engagement: Governments and companies must prioritize dialogue with local communities to address environmental and social concerns.
Renewable Energy Goals: Sri Lanka must seek alternative partnerships to meet its renewable energy targets without compromising due diligence.