Adani Green Strikes Wind Power Deal with Sri Lanka, Shares Surge
Adani Green Strikes Wind Power Deal with Sri Lanka, Shares Surge

Adani Green, Sri Lanka, wind power, renewable energy, Gautam Adani, investment, partnership, stock market
Adani Green, the renewable energy arm of Indian tycoon Gautam Adani's empire, has struck a deal with the Sri Lankan government to set up wind power stations in the island nation.

The agreement, approved by Sri Lanka's government on Tuesday, paves the way for Adani Green Energy to establish wind power facilities in Mannar and Poonerin, Sri Lanka. To assess the project proposal submitted by Adani Green, a negotiation committee has been appointed by the Sri Lankan Cabinet.

As part of the deal, a power purchase agreement spanning 20 years has been inked between the parties involved.

Following the announcement of this collaboration, shares of Adani Green initially surged to Rs 1,790 per share, before settling at Rs 1,770. The company's stock was up approximately 0.25 per cent as of 10:10 am, while benchmark indices were experiencing a 0.29 per cent decline.

In a related development, the US government-backed International Development Finance Corp provided Adani Ports with a loan of about $553 million in 2023 for the establishment of a container terminal in Sri Lanka.

This collaboration marks a significant step towards bolstering Sri Lanka's renewable energy infrastructure and reducing its dependence on traditional power sources. With Adani Green's expertise and investment, the development of wind power stations in Mannar and Poonerin is expected to contribute substantially to Sri Lanka's clean energy goals. Moreover, the long-term power purchase agreement ensures stability and predictability in energy supply, fostering sustainable growth for both parties involved.

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