Sri Lankan investment board approves $442m Adani Green wind power plants End-shutdown

The Sri Lanka Board of Investment on Wednesday approved two wind power plants from India’s Adani Green Energy Ltd with a total investment of $442 million, according to a statement issued by the board.

“The two 350 MW wind power plants are scheduled to come online in two years and will consequently be added to the national grid by 2025,” the statement added.

Adani Green Energy is the renewable energy unit of the embattled Adani Group, whose seven publicly traded companies have lost some $125 billion in market value after a US short seller last month alleged misuse of tax havens. and the manipulation of actions by the apple conglomerate to airports. .

The Adani Group has denied any wrongdoing.

Sri Lankans have been struggling with ongoing power outages for over a year as the country struggled to generate sufficient amounts of coal and thermal power, prompting the government to ramp up renewable energy projects.

The island nation hiked energy prices by a hefty 66% last week, as part of efforts to finalize a $2.9 billion bailout from the International Monetary Fund (IMF), as it struggled to find a way out of its worst financial crisis in more than seven. decades.

A group of Adani officials are in Colombo to assess multiple projects with Sri Lanka.

The conglomerate is also involved in building a $700 million terminal project at Sri Lanka’s largest port.

The Sri Lankan Board of Investment statement said the Adani wind power project will generate 1,500 to 2,000 new job opportunities.

Sri Lanka also aims to export renewable energy from its northern areas to southern India.

(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated feed.)

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