$442 mn Adani Green wind projects approved by SL Investment Board

27 Feb 2023 CW Team

In accordance with a statement made public by the board, Sri Lanka's Board of Investment approved two wind power projects totaling $442 million from India's Adani Green Energy Ltd. The two 350 MW wind power projects are anticipated to be operational in two years and will be incorporated into the national grid by 2025, according to an announcement. Since a U.S. short seller last month accused the apples-to-airports conglomerate of improperly using tax havens and stock manipulation, the market value of the seven listed firms that make up the troubled Adani Group has dropped by roughly $125 billion.

As a result of the country's failure to create adequate thermal and coal electricity, rolling power outages have afflicted Sri Lankans for more than a year, forcing the government to speed up renewable energy projects. The island nation this week increased power prices by a hefty 66% in an effort to secure a $2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to recover from its worst financial crisis in more than seven decades.

The business is also constructing a $700 million terminal renovation at Sri Lanka's busiest port. The Sri Lankan Board of Investment has announced that the Adani wind power project will generate between 1,500 and 2,000 new employment. Moreover, Sri Lanka plans to supply southern India with clean energy from its northern regions.

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