Sri Lanka Board Of Investment Approves USD 442M Wind Power Project By Adani Green Energy

Sri Lanka's Board of Investment approved two wind power plants by India's Adani Green Energy Ltd for a total investment of US$442 million on Wednesday (Feb 22), according to a board statement.

"The two 350 MW wind power plants are scheduled to be commissioned in two years and will be added to the national grid by 2025," the statement added.

Adani Green Energy is the renewable energy division of the embattled Adani Group, whose seven listed companies have lost approximately US$125 billion in market value after a US short seller last month accused the apples-to-airports conglomerate of improper use of tax havens and stock manipulation.

The Adani Group has denied all allegations of wrongdoing.

Sri Lankans have been subjected to rolling power outages for over a year as the country struggles to generate enough thermal and coal power, prompting the government to prioritise renewable energy projects.

Last week, the island nation raised power prices by 66% as part of its efforts to secure a US$2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to find a way out of its worst financial crisis in more than seven decades.

A group of Adani executives is in Colombo to assess several projects with Sri Lanka. The conglomerate is also involved in the construction of a US$700 million terminal at Sri Lanka's largest port.

According to the Sri Lankan Board of Investment, the Adani wind power project will create 1,500 to 2,000 new jobs.

In addition, Sri Lanka intends to export renewable energy from its northern regions to southern India.