Sri Lanka investment board approves $442 mln Adani Green wind power plants

Sri Lanka
By Editor_1
Minister of Power and Energy Kanchana Wijesekera with visiting Adani Group officials during a review meeting on Wednesday (Feb 22) -kwmedia

COLOMBO –  Sri Lanka’s Board of Investment (BOI) on Wednesday (22) approved two wind power plants by India’s Adani Green Energy Ltd. with a total investment of $442 million, a statement issued by the board said.

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

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

The Adani Group has denied any wrongdoing.

Sri Lankans have been struggling with rolling powers cuts for over a year as the country struggled to generate sufficient amounts of thermal and coal power, which has pushed the government to fast track renewable energy projects.

The island nation hiked power prices by a hefty 66% last week, part of efforts to nail down a $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 officials are in Colombo to evaluate multiple projects with Sri Lanka. The conglomerate is also involved in building a $700 million terminal project at Sri Lanka’s largest port.

The Sri Lankan Board of Investment statement said the Adani wind power project will generate 1,500 to 2,000 new job opportunities.

Sri Lanka also aims to export renewable energy from its northern areas to southern India.

Meanwhile, local media reports, said that acquisition of land in Mannar and Pooneryn for a 500 Megawatt renewable power project by theAdani group was in progress, even as Minister of Power and Energy, Kanchana Wijesekera, tweeted that progress of the renewable energy project of the  500 MW in Pooneryn & Mannar was discussed with the visiting Adani Group officials Wednesday morning at the Ministry of Power & Energy. He said officials of the Ministry, Ceylon Electricity Board and Sustainable Energy Authority had  participated in the meeting.

-Reuters/ENCL

 

 

Editor_1
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