Adani Group earmarks initial investment of $750 million to set up 500 MW wind farm in Sri Lanka – EQ
In Short : Adani Group, a leading conglomerate in India, has announced plans to invest an initial amount of $750 million to establish a 500 MW wind farm in Sri Lanka. This significant investment underscores the company’s commitment to expanding its renewable energy footprint in the region. The wind farm project aligns with Sri Lanka’s efforts to enhance its renewable energy capacity and reduce reliance on fossil fuels. Adani Group’s venture aims to contribute to the country’s clean energy goals while fostering sustainable development and economic growth.
In Detail : The total investment required is also undecided.
Adani Group is to make an initial investment of $750 million to set up a 500 MW wind farm in Sri Lanka and export power to India, apart from supplying it in the island nation. The farm would be set up by Adani Green Energy (AGEL), while another group company Adani Ports and SEZ (APSEZ) is looking to build strategic port infrastructure in nearby countries.
“We have put in proposal (with the government) for renewable energy as the northern part of Sri Lanka is blessed with strong wind resources, under which we intend to build a 500 megawatts wind farm in the first phase. The larger plan is to export renewable energy from Sri Lanka into India by putting up a cross country transmission line connecting it to the Indian grid,” Karan Adani, whole time director and CEO of APSEZ, said.
This would be similar to an agreement AGEL has with Bangladesh, wherein it supplies power from India, while in this case the power generated would be exported to India.
However, the group is yet to finalise the total power it would generate on completion of the project. The total investment required is also undecided.
“We have to do a lot of feasibility studies. This would be only wind,” he said, adding, the group was expecting to sign power purchase agreements on receipt of approvals. The project could be executed within a maximum of 24 months from the date of approvals. This would be one of the cheapest sources of electricity for Sri Lanka, Adani added.
Earlier, AGEL – in which French energy giant TotalEnergies holds a 19.7% – had set a target of 45 GW of renewable energy capacity by 2030, as it looks to cut emissions and help India meet its carbon neutrality target. AGEL has 8.3 GW of operational renewable energy capacity and another 12.118 GW is nearing construction or under execution.
APSEZ is also looking to build strategic port infrastructure in nearby countries to integrate supply chain with India acting as a hub including in Bangladesh, East Africa, Middle East, South East Asia, Vietnam and other parts of the world.
“We are also focusing on India, India is growing and we will keep growing,” he added.
