Adani Group to sign two wind projects worth $442 million in Sri Lanka

The Board of Investment (BOI) in Sri Lanka was reportedly scheduled to sign an agreement with Adani Group on Wednesday (February 22) evening for building two wind projects.

One of them is a 250-MW wind project in Mannar and the other a 100 MW wind project in Pooneryn. Sources told the Daily Mirror that the total project investment is USD 442 million and it will be completed in two years.

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Land acquisition is reportedly underway in both Mannar and Pooneryn for the projects.

Project shot down earlier

Sri Lankan Power and Energy Minister Kanchana Wijesekera had reportedly said earlier that the government had granted provisional approval to Adani Green Energy to invest over USD 500 million in the two wind projects in Pooneryn and Mannar.

However, the Ceylon Electricity Board (CEB) had reportedly shot down the project, saying it was illegal. Feasibility studies had reportedly not been done and approvals not obtained.

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The Daily Mirror reported that serious discussions on the Pooneryn project with Adani Group started when the then Finance Minister Basil Rajapaksa tried to seek financial assistance from India in December 2021, at the beginning of the economic crisis.

The Adani Group, headed by business tycoon Gautam Adani, has recently faced a stock rout after the US-based Hindenburg Research accused it of malpractices.

(With agency inputs)