Adani Green Gets Approval from Investment Board to Install Wind Energy Plants in Sri Lanka

Sri Lanka's Board of Investment has approved two wind power plants of 350 MW by Adani Green Energy Ltd., the renewable energy arm of Indian conglomerate Adani Group.

With a total investment of USD 442 million, the two wind power plants of 350 MW are expected to be commissioned in two years and added to the national grid by 2025.

Adani Group was recently in the news after US short-seller Hindenburg Research accused the apples-to-airports conglomerate of accounting fraud, stock price manipulation and money laundering. The Group has however denied all the allegations.

Meanwhile, Sri Lanka has been struggling with continuing power cuts for over a year as it could not generate sufficient amounts of thermal and coal power. This has pushed the government to boost renewable energy projects. The nation hiked power prices by a substantial 66 percent last week, part of efforts to nail down a USD2.9 billion bailout from the International Monetary Fund (IMF), as it struggles to find a solution for its worst economic crisis in more than seven decades.

The wind power project is expected to generate 1,500 to 2,000 new job opportunities. A group of Adani officials is in Colombo to evaluate multiple projects with Sri Lanka.

On the other hand, Sri Lanka is also developing its renewable energy resources in its northern part, from where it can transport power into southern India through a cross-border transmission cable. The two countries resumed talks last year, and an MoU might be signed soon.