Adani Group is also involved in building a $700 million terminal project in Colombo. (Representational)

Colombo:

Sri Lanka has recently entered into a 20-year power purchase agreement with Adani Green Energy Ltd for two wind power stations developed by the company, as stated in a cabinet statement released on Tuesday.

Adani Green Energy, a renewable energy unit of the Adani Group led by billionaire Gautam Adani, received approval in February last year to invest $442 million in developing 484 megawatts wind power plants in Mannar town and Pooneryn village, both located in Sri Lanka’s Northern province.

Under the agreement, the company will be compensated at a rate of 8.26 cents per kilowatt-hour (kWh), according to the government.

In addition to this project, the Adani Group is also actively engaged in constructing a $700 million terminal project at Sri Lanka’s largest port in Colombo.

The move towards renewable energy projects comes as Sri Lanka, facing financial challenges from power blackouts and fuel shortages during a recent economic crisis, seeks to mitigate risks associated with fluctuations in imported fuel costs.

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