The Sri Lanka Investment Board (SLIB) has given the green light to India’s Adani Green Energy to construct two wind power plants in the country, with a combined capacity of 240 MW. The project, which is expected to cost around $442 million, will be the largest foreign direct investment in Sri Lanka’s renewable energy sector to date.
Adani Green Energy, a subsidiary of the Adani Group, had submitted its proposal for the two wind power plants in 2018, and the project was subsequently granted approval by the SLIB. The two wind power plants will be located in Mannar and Pooneryn in the Northern Province of Sri Lanka.
According to Adani, the two wind power plants are expected to generate approximately 800 GWh of electricity annually, which will be sold to the Sri Lankan government under a 20-year power purchase agreement. The project is expected to create more than 800 jobs during the construction phase and around 200 jobs during the operation phase.
The project is seen as a major boost to Sri Lanka’s renewable energy sector, which has been rapidly growing in recent years. The country aims to increase the share of renewable energy in its electricity mix to 70% by 2030, up from the current level of around 30%.
“We are delighted to have received the approval from the Sri Lanka Investment Board for our wind power projects,” said Jayant Parimal, CEO of Adani Green Energy. “This is a significant milestone in our journey to expand our footprint in the renewable energy sector in the Asia-Pacific region. We look forward to working closely with the Sri Lankan government and the local communities to deliver this project.”