Adani Green Energy has secured a 20-year power purchase agreement (PPA) with Sri Lanka for the development of two wind projects, Reuters has reported.
A cabinet statement from the Sri Lankan government confirmed the agreement, which involves projects in the town of Mannar and the village of Pooneryn in the country’s Northern province.
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By GlobalDataThe renewable energy company, led by Indian billionaire Gautam Adani, received approval in February 2023 to invest $442m in the construction of wind projects with a total capacity of 484MW.
The Sri Lankan Cabinet has established a negotiation committee to assess the project proposal submitted by Adani Green.
Adani will receive $0.0826 per kilowatt hour (kWh) for the energy supplied.
The wind projects represent Adani Group’s second major investment in Sri Lanka, following a $700m investment in the West Container terminal at the port of Colombo.
The two renewable projects in the Northern province had previously sparked debate over the government’s selection process.
Residents and environmentalists in Mannar raised concerns regarding the potential negative impact on biodiversity and livelihoods, but the authorities and Adani Green assert that environmental considerations have been taken into account.
In April 2024, Adani Green announced a planned investment of Rs2.3trn to expand its green energy production by 2030. This will boost the company’s solar and wind power generation capacity.
An additional Rs50bn will be invested in renewable projects across the country. These investments align with Adani’s strategy to achieve an operating portfolio of 45GW by 2030, up from its current 10.9GW.
In February 2024, the company commenced operation of 551MW of solar power generation capacity at Khavda, Gujarat, India. This power is now being supplied to India’s national grid, with plans to develop Khavda into the world’s largest solar park with 30GW of capacity.
