Adani Green Energy will invest over $ 1 billion to set up wind energy projects in Sri Lanka, making it the biggest power project for the nation.
The company would set up two wind farms with a total capacity of 484MW with a $740 Million investment in Sri Lanka’s Mannar town and Pooneryn village. A Power transmission infrastructure worth $ 290 million will also be constructed.
The initiative aims to reduce losses in the state-run power company Ceylon Electricity Board (CEB) and attract more investors. Notably, in the 2022 economic crisis, Sri Lanka suffered multiple power blackouts and has now enacted new legislation to revamp the country’s power sector and attract investment in renewable energy.
Sources said that the Sri Lankan cabinet has approved the project and a power purchase agreement (PPA) is being finalized.
The project will augment Sri Lanka’s energy security by producing 1,500 million units of clean, renewable energy annually. This will meet the needs of around 600,000 households. It will also create 1,200 local jobs, reduce CO2 emissions by 1.06 million tonnes and displace fossil fuels valued at USD 270 million per year.
