Adani Green Energy will build two wind power stations in Sri Lanka: Power Purchase Agreement signed for 20 years, company will invest Rs 367 crore

The Sri Lankan government on Tuesday approved the development of a wind power station in the country with Gautam Adani’s renewable energy company Adani Green Energy. Adani Green Energy will build wind power stations in Mannar and Poonarrin of Sri Lanka.

Both sides have signed a 20-year power purchase agreement. The Sri Lankan government said that according to the agreement, the company will be paid 8.26 cents per kilowatt-hour (kWh).

Earlier in February last year, Adani Green Energy had received approval to develop a 484 MW wind power plant in Mannar city and Poonarin village. For this the company is going to invest 442 million dollars (about 367 crores). Both these places are in the Northern Province of Sri Lanka.

Sri Lanka faces power crisis and fuel shortage in the year 2022

In the year 2022, Sri Lanka faced severe power crisis and fuel shortage during the economic crisis. To avoid the cost of imported fuel, Sri Lanka is now accelerating renewable energy projects.

Adani Green Energy’s profit declined by 39% in the fourth quarter

Adani Green Energy’s consolidated net profit declined by 39% year-on-year (YoY) to ₹ 310 crore in the January-March quarter. The company’s consolidated net profit in the same quarter last year was ₹507 crore. Whereas in the last quarter (Q3FY24) it was ₹256 crore. That means the company’s consolidated net profit has increased by 21.09% on quarterly basis (QoQ).

Adani Green Energy Limited had released the results of Q4FY24 i.e. the fourth quarter of the financial year 2024 on May 3.