Sri Lanka has inked a 20-year power purchase agreement with India’s Adani Green Energy. The agreement encompasses two Adani Green Energy wind power stations, a cabinet statement revealed.
In February 2023, Adani Green Energy, the renewable energy unit of the Adani Group, won the approval to invest $442 million in developing the two 484-megawatt wind power plants in Mannar and Pooneryn in the northern province of Sri Lanka.
Sri Lanka’s government revealed that it will pay Adani Green Energy 8.26 cents per kilowatt-hour (kWh), according to the agreement.
In addition to the renewable energy venture, the group is constructing a $700 million terminal project at the Port of Colombo, the largest port in Sri Lanka.
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Sri Lanka’s decision to fast-track renewable energy projects is due to its need to mitigate the impact of fuel costs and reduce reliance on traditional energy sources. The country’s recent experience of power blackouts and fuel shortages during the 2022 economic crisis has underscored the importance of diversifying its energy mix. By investing in renewable energy infrastructure, Sri Lanka aims to enhance energy security, promote sustainability, and stimulate economic growth.
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