The Adani Group has been given the green signal by the Investment Promotion Authority of Sri Lanka to set up two renewable energy facilities in the northern and eastern regions of the country. The Mannar and Poonarin wind power plants will have a capacity of 250 MW and 100 MW, respectively, and require a combined investment of $442 million. The projects are expected to be commissioned by 2025 and aim to increase Sri Lanka’s energy potential.
The Adani Group’s recent meeting with the Energy Minister is the first formal conversation after allegations leveled against the Indian group by US-based Hindenburg Research, which it has categorically denied. The Adani Group’s venture into the country’s energy sector complements its previous investment in the port of Colombo’s Western Container Terminal. Group chief Gautam Adani met former Sri Lankan President Gotabaya Rajapaksa in October 2021 to discuss the company’s investment plans in the country following the Colombo port deal.
The deal represents Sri Lanka’s first major foreign investment since it declared bankruptcy last year following an economic crisis. According to a statement by the Investment Board of Sri Lanka, the project will create between 1,500 and 2,000 new jobs. The announcement comes at a time when Sri Lanka is battling rolling power outages, a result of the country’s struggle to generate sufficient amounts of thermal and coal power. This has prompted the government to accelerate the development of renewable energy projects. In an effort to secure a $2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to navigate its worst financial crisis in seven decades, the island nation slashed electricity prices last week. There has been a significant increase of 66% in
frequently Asked question:
Q1: What is the capacity of Mannar and Punerin wind power plants?
The Mannar and Poonariyan wind power plants will have a capacity of 250 MW and 100 MW respectively.
Q2: How many new jobs will be created by the projects?
The projects will create 1,500 to 2,000 new jobs, according to a statement by the Sri Lankan Investment Board.