Adani Green Energy To Invest $1 Billion In Sri Lanka Wind Projects

Adani Green Energy To Invest $1 Billion In Sri Lanka Wind Projects

Adani Green Energy plans to invest more than $1 billion (Rs 83.5 billion) in wind power projects in Sri Lanka, according to news reports. This is the country’s largest foreign direct investment and one of the most important energy projects to date.  The investment will be directed to the construction of two wind parks with a combined capacity of 484 MW.

The wind turbines located in the northern part of the country in the city of Mannar and the village of Pooneryn account for 740 million dollars of the investment.

Sri Lanka has signed a deal with Adani Green Energy Limited (AGEL) for a power purchase agreement for 20 years, the country’s cabinet statement read.

The company will be paid 8.26 cents per kilowatt-hours (kWh) as per the agreement for the wind energy projects it has developed, the cabinet statement said. The Sri Lankan Cabinet has appointed a negotiation committee to evaluate the project proposal which was furnished by Adani Green Energy.

Adani Green Energy has already won approval in February last year to invest $442 million and develop the 484 megawatts wind power plants in Mannar town and Pooneryn village, both located in the Northern province of Sri Lanka.

Adani Green Energy Limited (AGEL) has now planned to go bullish on Pumped Storage Projects (PSPs) in India. The company, while declaring its latest Q4 results talked about adding 5 Gigawatt (GW) of Pumped Storage Projects (PSPs) by 2030.