In accordance with a statement made public by the board, Sri Lanka’s Board of Investment approved
two wind power projects totaling $442 million from India’s Adani Green Energy Ltd. The two 350
MW wind power projects are anticipated to be operational in two years and will be incorporated
into the national grid by 2025, according to an announcement. Since a U.S. short seller last month
accused the apples-to-airports conglomerate of improperly using tax havens and stock manipulation,
the market value of the seven listed firms that make up the troubled Adani Group has dropped by
roughly $125 billion.
As a result of the country’s failure to create adequate thermal and coal electricity, rolling power
outages have afflicted Sri Lankans for more than a year, forcing the government to speed up
renewable energy projects. The island nation this week increased power prices by a hefty 66% in an
effort to secure a $2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to
recover from its worst financial crisis in more than seven decades.
The business is also constructing a $700 million terminal renovation at Sri Lanka’s busiest port. The
Sri Lankan Board of Investment has announced that the Adani wind power project will generate
between 1,500 and 2,000 new employment. Moreover, Sri Lanka plans to supply southern India with
clean energy from its northern regions.