INVC NEWS
Colombo – The newly elected government of Sri Lanka, under the leadership of President Anura Kumara Dissanayake, is taking significant steps to re-evaluate the approval granted to the Adani Group for its proposed wind energy project. In a recent session before the Sri Lankan Supreme Court, the government indicated that it would reconsider the prior administration’s endorsement of this project, a move that has implications for both domestic energy policy and foreign investment.
Supreme Court Proceedings and Cabinet Decisions
During a session in the Supreme Court, the Attorney General announced that the decision to review the project was made during a cabinet meeting held on October 7. The Supreme Court has been engaged in hearing a fundamental rights case related to the project, with a ruling anticipated after the parliamentary elections scheduled for November 14. The outcome of this decision will determine the future of the project and could potentially reshape Sri Lanka’s energy landscape.
Political Promises and National Sovereignty
Before the elections, President Dissanayake made a firm commitment that his coalition, the National People’s Power (NPP), would seek to cancel the Adani project. The NPP argued that the project poses a significant threat to the sovereignty of Sri Lanka’s energy sector and pledged to prioritize national interests over foreign investments if elected.
This political stance resonates with a growing sentiment among the Sri Lankan populace, which is increasingly wary of foreign dominance in critical infrastructure. The NPP’s campaign leveraged these concerns, promising a more nationalist approach to energy and resource management.
Details of the Adani Group’s Investment
The Adani Group was poised to invest over $440 million USD in the development of a 484-megawatt wind power project located in the northeastern regions of Mannar and Pooneryn. This investment was part of a 20-year agreement aimed at enhancing Sri Lanka’s renewable energy capabilities. The project was viewed as a potential game-changer in the country’s efforts to diversify its energy portfolio and reduce reliance on fossil fuels.
