Sri Lanka’s investment board on Wednesday approved Adani Green Energy Ltd’s two wind turbines from India with a total investment of US$442 million, the investment board said in a statement.
“Two 350 MW wind farms will be operational within two years and will be connected to the national grid by 2025,” the statement added.
Adani Green Energy is the renewable energy arm of the troubled Adani Group, whose seven publicly traded companies last month exposed a US short-seller exposing Apple’s tax haven abuse and stock manipulation. After that, it lost about $125 billion in market value.
The Adani Group has denied any wrongdoing.
The Sri Lankan has been battling constant power outages for more than a year as Sri Lanka struggles with adequate amounts of thermal and coal power, prompting the government to accelerate renewable energy projects. The island nation last week slashed its electricity bills as part of an effort to secure a $2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to find a way out of its worst financial crisis in more than 70 years. 66% price increase.
A group of Adani officials are in Colombo to evaluate several projects with Sri Lanka.
The conglomerate is also involved in building her $700 million terminal project at Sri Lanka’s largest port.
The Adani wind farm project will create 1,500 to 2,000 new job opportunities, according to a Sri Lanka Investment Commission statement.
Sri Lanka also aims to export renewable energy from northern regions to southern India.
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