Sri Lanka has finalised a significant 20-year power purchase agreement (PPA) with India's Adani Green Energy Limited (AGEL), marking a significant stride in both nations' renewable energy ambitions.

The agreement, valued at $1.5 billion, entails the supply of 200 MW of renewable energy generated from a solar power plant to be constructed in the northern region of Sri Lanka. This collaboration underscores Sri Lanka's commitment to diversifying its energy mix and reducing dependence on fossil fuels.

The deal with AGEL is part of Sri Lanka's broader strategy to increase the share of renewable energy in its power generation mix, aligning with its sustainability goals. AGEL, a leading player in the renewable energy sector, brings substantial expertise and resources to the partnership, further strengthening bilateral ties between India and Sri Lanka.

This venture not only contributes to Sri Lanka's energy security but also facilitates economic growth and environmental sustainability. With the increasing emphasis on renewable energy globally, this agreement sets a positive precedent for future collaborations between nations in the pursuit of a greener and more sustainable future.