According to a board statement, Sri Lanka’s Board of Investment approved two wind power projects by India’s Adani Green Energy Ltd for a total investment of $442 million.
A brief about Sri Lanka Investment Board has approved Adani Green wind power plants for $442 million
“The two 350 MW wind power plants are slated to be commissioned in two years and will be added to the national grid by 2025,” the statement continued.
Adani Green Energy is the renewable energy division of the beleaguered Adani Group, whose seven listed firms have lost $125 billion in market value after a U.S. short seller last month accused the apples-to-airports conglomerate of inappropriate use of tax havens and stock manipulation.
The Adani Group has refuted all allegations of malfeasance.
Sri Lankans have been subjected to rolling power outages for over a year as the country struggles to generate enough thermal and coal electricity, prompting the government to prioritise renewable energy projects.
Last week, the island nation raised power tariffs by 66% as part of its efforts to secure 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 crew of Adani executives is in Colombo to assess several projects with Sri Lanka.
The conglomerate is also participating in the construction of a $700 million terminal at Sri Lanka’s largest port.
According to the Sri Lankan Board of Investment, the Adani wind power project will create 1,500 to 2,000 new jobs.
In addition, Sri Lanka intends to export renewable energy from its northern regions to southern India.