Adani Green Energy Plans $1 billion Investment in Sri Lankan Wind Projects
Adani Green Energy is set to make a groundbreaking investment in Sri Lanka’s renewable energy sector, with plans to inject over $1 billion into wind energy projects. This initiative not only represents the largest foreign direct investment in Sri Lanka but also marks the nation’s most substantial power project to date.
Adani Green Energy is set to make a groundbreaking investment in Sri Lanka’s renewable energy sector, with plans to inject over $1 billion into wind energy projects. This initiative not only represents the largest foreign direct investment in Sri Lanka but also marks the nation’s most substantial power project to date.
According to a report from PTI, Adani Green Energy will establish two wind farms in Mannar town and Pooneryn village in northern Sri Lanka, boasting a combined installed capacity of 484 megawatts. The investment for these projects is estimated at $740 million, with an additional $290 million allocated for power transmission infrastructure.
These wind projects are poised to become Sri Lanka’s largest renewable energy undertaking, aligning with the nation’s efforts to revitalize its power sector and attract investments in sustainable energy sources. The move is part of Sri Lanka’s commitment under a $2.9 billion aid package from the International Monetary Fund (IMF), aimed at modernizing the country’s energy infrastructure and reducing reliance on fossil fuels.
Adani’s strategic investment not only bolsters Sri Lanka’s energy security but also serves as a significant step in curbing China’s economic influence in the Indian Ocean, particularly in Sri Lanka’s northern region.
Sources revealed that Adani’s project has secured approval from the Sri Lankan cabinet, and discussions for a power purchase agreement (PPA) are in the final stages. Once finalized, Adani Green Energy plans to commence construction and complete the project within a span of two years.
The wind farms are expected to generate approximately 1,500 million units of clean, renewable energy annually, catering to the energy needs of around 0.6 million households. Additionally, the project will create around 1,200 local employment opportunities and significantly reduce CO2 emissions by 1.06 million tonnes per year, showcasing its environmental impact and socio-economic benefits.
Adani’s competitive tariff rates, coupled with the project’s contribution to Sri Lanka’s energy independence and sustainability goals, underscore its significance as a transformative venture in the country’s power landscape.
Sources By Agencies
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