Former Sri Lankan President Ranil Wickremesinghe has criticized the President Anura Kumara Dissanayake and the ruling National People’s Power (NPP) government for halting the renewable energy project in Mannar, which was set to be developed by India’s Adani Group.
Sharing his views during a televised discussion recently, he stressed the importance of economic collaboration with India to boost Sri Lanka’s economy, particularly in areas like agriculture, trade, and renewable energy.
Wickremesinghe pointed out that during his tenure in 2022, he focused on creating economic ties with South India. “I explored various opportunities for cooperation with India. Unfortunately, the current government has failed to pursue the Adani renewable energy project in Mannar,” he said.
The former president was particularly critical of the government’s decision to abandon the partnership with Adani, warning that this could harm all future Indian investments in the country.
On February 13, Adani Green Energy, the renewable energy arm of Indian billionaire Gautam Adani, announced the cancellation of two planned wind power projects in Sri Lanka.
This decision followed the new government’s choice to renegotiate electricity prices.
Adani had planned a $1 billion investment to generate wind energy and build power transmission lines, but the Dissanayake administration’s efforts to lower electricity costs prompted a review of the agreement.
Prior to last year’s presidential election, the NPP had promised to cancel the Adani project in the northeastern region.
However, after coming to power, the NPP Cabinet chose to renegotiate the terms, citing concerns about the high electricity purchase price set by the previous government and alleging possible corruption.
As a result, Adani decided to withdraw from the $400 million project, despite having already invested $5 million.
Meanwhile, President Dissanayake claimed that Sri Lanka had received bids for renewable energy projects at half the price of Adani’s proposed rate of 8.26 US cents per unit.
Wickremesinghe’s comments come ahead of Indian Prime Minister Narendra Modi’s scheduled visit to Sri Lanka in early April, highlighting the importance of Indian investments in the country’s economic recovery.
When asked about the role of the International Monetary Fund (IMF) in Sri Lanka’s recovery, the former president emphasized that restructuring the country’s debt with international bondholders and bilateral creditors could only happen with an IMF-backed guarantee.
“I urge the government to continue the policies implemented by my administration. The country is still grappling with the economic crisis, and it will face even greater challenges if my program is not completed,” he added.
Wickremesinghe became president during a severe economic crisis, following the resignation of former President Gotabaya Rajapaksa due to public protests. Under his leadership, the government secured financial support from the IMF and began efforts to stabilize the country’s economy.
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