$442 mn Adani Green wind projects approved by SL Investment Board

In accordance with a statement made public by the board, Sri Lanka's Board of Investment approved two wind power projects totaling $442 million from India's Adani Green Energy Ltd. The two 350 MW wind power projects are anticipated to be operational in two years and will be incorporated into the national grid by 2025, according to an announcement. Since a U.S. short seller last month accused the apples-to-airports conglomerate of improperly using tax havens and stock manipulation, the market value of the seven listed firms that make up the troubled Adani Group has dropped by roughly $125 billion.

Due to the failure of the country to create sufficient thermal and coal power, rolling force disruptions have been affecting Sri Lankans for more than a year, forcing the government to move faster renewable energy projects. The island nation raised electricity prices this week by a hefty 66% in a effort to secure a $2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to recovering from the worst financial crisis in more than seven decades.

The company is also building a $700 million terminal renovation in Sri Lanka's busiest port. The Sri Lankan Board of Investment has announced that the Adani will generate wind energy project between 1,500 and 2,000 new jobs. In addition, Sri Lanka plans to provide South India with clean energy from the northern regions.