Adani group investments approved by Sri Lanka

The Adani group has received approval from Sri Lanka's investment promotion board to build two renewable energy projects in the  island nation's north and east regions for a total of USD 442 million.

The Mannar wind farm will have a 250 MW (megawatt) operating capacity, while the Pooneryn wind farm will have a 100 MW operating capacity.

The two wind power plants will be built near Mannar and Pooneryn at a cost of USD 442 million, according to a release on Thursday. "The Board of Investment of Sri Lanka has issued a letter of approval to India's Adani Green Energy Limited," the release stated.

The two wind power plants of 350 MW are scheduled to be commissioned in two years and they will be added to the national grid by 2025.

The new project will generate 1500-2000 new employment opportunities.

Early this week, the Adani Group representatives met the minister of Energy Kanchana Wijesekara to check on the progress of the two projects.

This was the first public meeting following a slew of accusations against the Indian conglomerate by US-based short seller Hindenburg Research, including illegal business dealings and share price manipulation. The business has denied the allegations and maintained that it complies with all legal and disclosure standards.

In addition to their investment in the Western container terminal of the port of Colombo, Adani has also made investments in the energy sector of Lanka.

The group's leader, Gautam Adani, had a meeting with the then-president, Gotabaya Rajapaksa, in October 2021 to further their interests in the nation after they secured the agreement to build the western container terminal at Colombo port during the Rajapaksa presidency.

With inputs from Agencies.