Sri Lanka Approves Adani Green's Plans to Build Two $442 Million Power Facilities

According to a statement from Sri Lanka's Board of Investment, Adani Green Energy Ltd, the clean and renewable energy division of the troubled Adani Group, has received permission to build two wind power plants with an investment of $442 million.

The statement continued, "The two 350 MW wind power facilities are expected to be commissioned in two years and, as a result, they will be integrated into the national grid by 2025."

Since Sri Lanka has battled to produce enough thermal and coal power over the past year, frequent power outages have forced the government to take action initiatives to hasten the use of renewable energy. In spite of the island nation's struggles to find a way out of its worst financial disaster in more than seven decades, power rates were increased there by 66% last week.

According to Reuters, representatives of the Adani Group are assessing a number of initiatives with Sri Lanka in Colombo. At Sri Lanka's busiest port, the conglomerate is also working on a $700 million terminal complex.

According to the Sri Lankan Board of Investment, this Adani Green Energy wind power project will create between 1,500 and 2,000 new job possibilities. Additionally, the island nation wants to send clean electricity from its northern regions to southern India.

The market value of the Adani Group's seven largest listed businesses has decreased by close to $125 billion following allegations of stock manipulation and inappropriate use of offshore tax havens by US-based short seller Hindenburg Research.

Even though the apple-to-airport conglomerate has denied any wrongdoing and called the action a "calculated assault" on India, it still has a long way to go before it can fully recover from the harm it sustained.

The "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History" study by Hindenburg Research was released on January 24, 2023, just days before the Rs 20,000 crore follow-on public offering (FPO) by flagship Adani Enterprises. Despite the FPO being completely subscribed, the company ultimately decided against the IPO due to the unstable market.