Adani Group Gets Approval for $442 Million Renewable Energy Investment in Sri Lanka. Sri Lanka has given the go-ahead for two renewable energy projects proposed by India’s Adani Group, worth $442 million, to be established in the northern and eastern parts of the island nation.
A wind power plant in Mannar, with a capacity of 250 MW, and a wind power plant in Pooneryn, with a capacity of 100 MW, have been approved by the Board of Investment of Sri Lanka.
The projects are set to be operational in two years, and will contribute a total of 350 MW to the national grid by 2025. The venture is anticipated to generate 1,500 to 2,000 new job opportunities. Adani Group representatives recently met with Energy Minister Kanchana Wijesekara to review progress on the projects, following US-based short seller Hindenburg Research’s allegations of fraudulent transactions and share-price manipulation against the Indian conglomerate.
The Adani Group’s investments in Sri Lanka’s energy sector are in addition to their investment in the Colombo Port’s Western Container Terminal. In October 2021, the group’s chief Gautam Adani met with then-president Gotabaya Rajapaksa to advance their investments in the country after they clinched the deal to develop the Colombo port’s western container terminal during the Rajapaksa presidency.
Also see: Gautam Adani slips in rankings
