Sri Lanka has entered into a 20-year agreement with Adani Green Energy Ltd, a subsidiary of the Adani Group led by billionaire Gautam Adani, to build two wind power facilities in the country’s Northern province. The deal, aimed at bolstering the nation’s renewable energy capabilities, involves the construction of wind power stations in Mannar town and Pooneryn village, with a total expected capacity of 484 megawatts. The project, approved last February, represents a significant investment of $442 million by Adani Green.
Under the terms of the power purchase agreement, Adani Green Energy will be compensated at a rate of 8.26 cents per kilowatt-hour. In line with ensuring due diligence, the Sri Lankan Cabinet has established a committee to oversee negotiations and assess the project’s proposal.
This initiative is part of Sri Lanka’s broader strategy to overcome severe economic challenges, marked by drastic power shortages and fuel crises during its economic downturn in 2022. By fast-tracking renewable energy projects, Sri Lanka aims to reduce its reliance on costly imported fuels.
Furthermore, the Adani Group’s engagement in Sri Lanka extends beyond energy, including a significant $700 million investment in a new terminal at Colombo’s main port, financed in part by a $553 million loan from the US government-backed International Development Finance Corp in 2023.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
