Sri Lanka has revoked a power purchase agreement with Adani Group’s renewable energy unit after allegations of corruption levelled against the Indian conglomerate in the US last year that brought some of its foreign projects under fresh scrutiny.

Sri Lanka has revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption, according to an AFP report that was published by the Economic Times newspaper on Friday.

Sri Lanka has revoked a 2024 power purchase agreement with Adani Green Energy for a proposed wind power plant in the Northern Province, amid corruption allegations, AFP reported on Friday (24 January).

Sri Lanka has canceled a power purchase agreement with Adani Group, amid corruption allegations against the company's founder, Gautam Adani . The decision was taken by President Anura Kumara Dissanayake's administration, which is now reviewing the proposed wind power project.

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 island nation has been trying to fast-track renewable energy projects to hedge against surges in imported fuel costs.

Sri Lanka revokes Adani Group power deal amid U.S. bribery probe, sparking concerns and reviews from partners and investors.

The Adani Group, led by Gautam Adani, has refuted claims that Sri Lanka officially revoked its power purchase agreement (PPA) with the Indian conglomerate due to corruption allegations. The group has