Adani is ready to invest in Sri Lanka, Plan of Over $1 Billion In Wind Project
Adani is ready to invest in Sri Lanka. Adani Green Energy is planning to invest $1 billion which is around 8,351 crore in a wind energy project.
According to PTI, It is the largest FDI power project in Sri Lanka. The Adani group is planning to set up 2-wind farms in Mannar town and Pooneryn village of Srilankan Island. The capacity of the projects will be 484 megawatts with a 740 million USD investment respectively.
This project is the biggest power project in Sri Lanka.
Sri Lanka is an island nation which was facing power blackouts and fuel shortage because of the economic crisis in 2022. Now this new FDI and project is a chance that can lead Sri Lanka back on track to attract FDIs. It is a chance for Sri Lanka to revamp its power sector.
The decision, which follows promises made under a $2.9 billion aid package from the International Monetary Fund (IMF), is aimed at cutting losses at the state-run electricity company, Ceylon Electricity Board (CEB) and making the industry more attractive to investors. To make it attractive.
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Adani’s project is important for India as well
The new project of FDI in Sri Lanka by Indian merchant Adani is strategically important for India too. It can reduce the Chinese impact in the Indian Ocean, particularly on China.
Sources said that the new wind energy project already received approvals from the government of Sri Lanka and the power purchase agreement (PPA) is almost finalized. This is a 2-year-long project that will impact the relationship between India and Sri Lanka as well as the APAC region.
This project will help Sri Lanka’s energy sector too. It will fulfill the demands of 0.6 million households. Apart from energy demands, it will create various job opportunities in the nation.
