Adani Green signs a 20 yr long term agreement with Sri Lanka government
A 20-year power purchase agreement has been signed at a rate of 8.26 cents per kilowatt-hour.
The Sri Lankan government has given the green light to a deal with Adani Green, the renewable energy arm of Indian billionaire Gautam Adani, to construct wind power stations in the country. Adani Green Energy will be developing wind power stations in Mannar and Poonerin regions in Sri Lanka.
To evaluate the project proposal, the Sri Lankan Cabinet has appointed a negotiation committee, which was submitted by Adani Green. In February 2023, the renewable energy company received approval to invest $442 million in developing wind power plants with a capacity of 484 megawatts in the two regions located in Northern Sri Lanka.
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The financially struggling South Asian island nation faced severe power outages and fuel scarcities amid an economic downturn in 2022. As a result, the country has been expediting renewable energy initiatives to mitigate against spikes in imported fuel expenses.
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