Project will be not only largest renewable energy project, but nation’s biggest power project as well
MUMBAI: Adani Group would spread its wings to the power sector of Sri Lanka by setting up wind energy projects worth $ 1 billion in the northern parts of the island nation.
Sources said this would be the single largest foreign investment in the country and the biggest ever power project.
The Group company Adani Green Energy Ltd (AGEL) will set up two windmill farms for $740 million in Sri Lanka’s Mannar town and Pooneryan village in the northern province with a total installed capacity of 484 megawatt.
The company will spend $290 million to set up the transmission system to supply power generated by the windmills to the consumers.
The project will be Sri Lanka’s not only the largest renewable energy project but the nation’s biggest power project to date.
Sri Lanka has inked a pact with Adani Green Energy that it would purchase power from the plants for next 20 years.
As per the agreement, Sri Lanka will pay Adani Green Energy 8.26 cents per kilowatt-hours (kWh) which is lower than up to 26.99 cents per KWh paid to thermal projects of State-owned CEB (Ceylon Electricity Board) and 9.97 to 13.99 cents per kWh for wind projects. It is lower than 8.75 cents per kWh paid for Odamawadi solar project.
Adani Group is also setting up a $700 million terminal project at the island nation’s largest port in Colombo.
The project is strategically important as it would restrict China’s economic influence in the Indian Ocean, particularly Sri Lanka’s northern region, which is very close to India’s southern mainland.
