Adani Green Energy shares surged 3% to Rs 946 in Thursday's intraday trade on BSE following reports that the company is withdrawing from its proposed wind power generation and transmission project in Sri Lanka, easing concerns over the project's viability.According to media reports citing a letter from Adani Green Energy, the company has decided to exit two wind power projects in Sri Lanka after the new government sought lower tariffs last month.Also Read: Q3 results today: Hindalco among 460 companies to announce earnings on ThursdaySri Lanka had initiated discussions with the Adani Group to renegotiate the cost of power from the projects, which were estimated to cost $1 billion."It was learnt that another Cabinet appointed negotiations committee and Project Committee would be constituted to renegotiate the project proposal," Adani Green wrote in a letter addressed to the chairman of Sri Lanka's Board of Investment, according to Reuters."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, stated.The Sri Lankan government began reviewing the Adani Group's local projects after U.S. authorities in November accused founder Gautam Adani and other executives of being part of a scheme to secure Indian power contracts through bribery. The Adani Group has denied these allegations.Also Read: Stocks in news: Hindalco, SJVN, Honasa Consumer, ICICI Bank, Tata PowerUnder the agreement, Adani Green was to develop two wind power projects in Mannar and Pooneryn in northern Sri Lanka. The group is also involved in a $700 million terminal project at Colombo port.Sri Lanka, which faced severe power shortages during its 2022 economic crisis, has been accelerating renewable energy projects to reduce reliance on imported fuel.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)