India's Adani Group's power purchase deal with the Sri Lankan government is intact, the company said on Friday, after the AFP news agency reported it had been revoked, citing a government official and a document.

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).

Activists have argued that smaller renewable energy providers offered electricity at nearly two-thirds the price proposed by the Adani Group.

Sri Lanka has revoked a power purchase deal with India's Adani Group after a probe into U.S. allegations that the conglomerate's executives paid bribes to secure Indian power supply contracts, according to an AFP report published by the Economic Times newspaper on Friday.

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.

In May 2024, the then-President Ranil Wickremesinghe-led government entered into the agreement with the port-to-power group to procure electricity

The Adani Group on Friday categorically denied reports claiming that Adani's 484 MW wind power projects in Mannar and Pooneryn in Sri Lanka have been cancelled.

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

The Adani Group has denied reports of the cancellation of its Sri Lanka power power deal, calling the reports as 'false and misleading'. The spokesperson of the ports-to-power conglomerate issued a statement on Friday,