India’s Adani Green Energy said it will withdraw from two proposed wind power projects in Sri Lanka, according to a letter sent by the company to a Sri Lankan government agency.

The Sri Lankan government said last month it has started talks with the Adani Group to lower the cost of power from the $1 billion projects.

“It was learnt that another Cabinet appointed negotiations committee and Project Committee would be constituted to renegotiate the project proposal,” the company wrote in a letter addressed to the chairman of Sri Lanka’s board of investment.

“This aspect was deliberated at the Board of our company and it was decided that while the company fully respects the sovereign rights of Sri Lanka and its choices, it would respectfully withdraw from the said project,” the letter, dated February 12, said.

Source: Reuters