Sri Lanka Inks 20-Year Wind Power Deal With Adani Green Energy

By Akash Dhiman/ Updated On Tue, May 7th, 2024

Highlights :

The Sri Lankan Cabinet has appointed a negotiation committee to evaluate the project proposal which was furnished by Adani Green.

Sri Lanka Inks 20-Year Wind Power Deal With Adani Green Energy

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.

In other news, Adani Green Energy Ltd (AGEL) has announced USD 400 million in financing for its under-construction projects. Through this financing, the company extends support to its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks.

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. With a fresh thrust on PSPs, the renewable company upgraded its renewable capacity target from 45 GW to 50 GW by 2030. In its latest investors call, the management of the firm talked about the cost-effectiveness of this technology compared to battery storage systems.