Adani Green to set up two wind power projects in Sri Lanka

23 Feb 2023 , 03:28 AM

Cash-strapped Sri Lanka approved  $442 million wind power projects by India’s  Adani group on Thursday.

Sri Lanka’s Board of Investment announced that Adani Green Energy, a subsidiary of Indian tycoon Gautam Adani’s business empire, will build two wind farms in the island’s north.

The total investment will be $442 million, and the two plants will supply power to the national grid ‘by 2025,’ according to a statement from the BOI.

In 2021, Adani was granted a significant port terminal project in Colombo by Sri Lanka, with a value of $700 million.

That concession was widely interpreted as an attempt by New Delhi to address its growing concern about China’s growing influence in the region; Adani had been nominated as the contractor by the Indian government.

The company is constructing a 1.4-kilometer-long, 20-meter-deep jetty next to a Chinese-operated terminal at Colombo Harbour, the only deep-sea container port between Dubai and Singapore.

At around 3.23 PM, Adani Green was trading 5% lower at Rs512.10, against the previous close of Rs539.05 on NSE. 

For feedback and suggestions, write to us at [e-mail]