Sri Lanka has entered into a 20-year power purchase agreement with Indian company Adani Green Energy Ltd for two wind power plants developed by the company, a cabinet statement said on Tuesday.
Adani Green Energy, the renewable energy unit of the Adani Group, led by billionaire Gautam Adani, won approval in February last year to invest $442 million and develop the 484 megawatt wind power plants in the town of Mannar and the village of Pooneryn, both located in the northern province of Sri Lanka.
The company will be paid 8.26 cents per kilowatt hour (kWh) under the agreement, the government said.
The Adani Group is also involved in the construction of a $700 million terminal project at Sri Lanka’s largest port, Colombo.
The cash-strapped South Asian island nation, which has suffered crippling power outages and fuel shortages during an economic crisis in 2022, has tried to accelerate renewable energy projects to protect against increases in imported fuel costs.
