Adani Group's $1 Billion Wind Energy Investment in Sri Lanka: A Game-Changer

Adani Group plans to invest over $1 billion in Sri Lanka's largest renewable energy project, setting up two wind farms with a total installed capacity of 484 MW. This venture, which includes extensive infrastructure investment, aims to alleviate Sri Lanka's energy crisis while reducing fossil fuel dependency.

PTI | New Delhi | Updated: 07-06-2024 17:42 IST | Created: 07-06-2024 17:42 IST
Adani Group's $1 Billion Wind Energy Investment in Sri Lanka: A Game-Changer
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Adani Group is set to make a historic investment of over $1 billion in Sri Lanka, targeting the development of the country's largest renewable energy project. Sources reveal that the conglomerate's subsidiary, Adani Green Energy Ltd (AGEL), will establish two wind farms in the northern regions of Mannar and Pooneryn, boasting a combined capacity of 484 megawatts.

The initiative includes $740 million for the wind farms and an additional $290 million for related infrastructure to transmit electricity to consumption centers. This not only marks the island nation's most significant foreign direct investment but also its largest power project to date.

In alignment with commitments under a $2.9 billion International Monetary Fund (IMF) aid package, this project aims to reduce losses at the state-run Ceylon Electricity Board (CEB) and enhance investment appeal. The move is also pivotal in shifting economic influence from China to India in the strategically important northern region of Sri Lanka.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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