Adani Group to invest over $1 bn in SL wind projects

Adani Group plans to invest over $1 billion in setting up projects in Sri Lanka to generate electricity from wind in what would be the island nation’s single largest foreign direct investment and the biggest ever power project, sources said.

Group firm Adani Green Energy Ltd (AGEL) will set up two wind farms in Sri Lanka’s Mannar town and Pooneryn village in the northern provide with a total installed capacity of 484 megawatt at an investment of about $740 million. The related infrastructure that would transmit electricity to consumption centres will see further investment of over $290 million, two sources with knowledge of the matter said.

The projects will not just be Sri Lanka’s largest renewable energy project but also the nation’s biggest power project to date. Last month, Sri Lanka had entered into an agreement to buy electricity from Adani’s wind power stations for 20 years.

AGEL will be paid 8.26 cents per kilowatt-hours (kWh) as per the agreement. This is lower than up to 26.99 cents per kWh paid to thermal projects of state-owned CEB and 9.67 to 13.99 cents per kWh for wind projects. It is lower than 8.75 cents per kWh paid for the Odamawadi solar project.

Adani Group is also involved in building a $700 million terminal project at the island nation’s largest port in Colombo. (Business Standard.com)

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