Adani Green Signs MoU with Sri Lankan Government for Wind Power Projects
The Sri Lankan government has approved a deal with Indian billionaire Gautam Adani's renewable energy company, Adani Green Energy, to develop wind power stations in the country. The agreement will see Adani Green construct wind power projects in Mannar and Poonerin, contributing to Sri Lanka’s renewable energy capacity.
A power purchase agreement has been signed for a period of 20 years, with a Cabinet-appointed negotiation committee tasked with evaluating Adani Green's project proposal. This development aligns with Sri Lanka's efforts to bolster its sustainable energy infrastructure.
Following the announcement, Adani Green's shares initially surged to Rs 1,790 per share before easing to Rs 1,770, and were trading up around 0.25% as of 10:10 am, while benchmark indices were down 0.29%.
This move is part of Adani's broader strategy to expand its renewable energy and port operations across the region. Earlier this year, the US International Development Finance Corp extended a loan of around $553 million to Adani Ports for a container terminal in Sri Lanka.
