Sri Lanka announced recently it was entering into a 20-year agreement with Adani Group to buy electricity from a $442-million wind power plant the Indian conglomerate is building in the island nation.
The state-run energy utility will buy electricity at $0.0826 a kilowatt-hour, about a third cheaper than the current average paid, energy minister Kanchana Wijesekera told reporters.
An Adani Group official said the Adani plant is expected to be connected to the national grid within two years.
The renewable energy project comes after Sri Lanka awarded Adani a $700-million strategic port terminal project in Colombo in 2021.
Adani Group had been nominated as the contractor by the Indian government.
Its founder Gautam Adani is Asia's second-richest man and has longstanding ties with Indian Prime Minister Narendra Modi.
Adani Group last year denied accusations of "brazen" corporate fraud by a US short-seller that sent the share price of its listed units into freefall, though it has since reversed the decline.Sri Lanka Approves Power Deal with India's Adani Group
Sri Lanka announced recently it was entering into a 20-year agreement with Adani Group to buy electricity from a $442-million wind power plant the Indian conglomerate is building in the island nation.
The state-run energy utility will buy electricity at $0.0826 a kilowatt-hour, about a third cheaper than the current average paid, energy minister Kanchana Wijesekera told reporters.
An Adani Group official said the Adani plant is expected to be connected to the national grid within two years.
The renewable energy project comes after Sri Lanka awarded Adani a $700-million strategic port terminal project in Colombo in 2021.
Adani Group had been nominated as the contractor by the Indian government.
Its founder Gautam Adani is Asia's second-richest man and has longstanding ties with Indian Prime Minister Narendra Modi.
Adani Group last year denied accusations of "brazen" corporate fraud by a US short-seller that sent the share price of its listed units into freefall, though it has since reversed the decline.
