Gautam Adani-led Adani Green Energy Ltd has signed an agreement with the Sri Lankan government for the development of wind power stations in Mannar and Poonerin.

The Sri Lankan government has also given its approval to a power purchase agreement for 20 years under which the company will be paid 8.26 cents per kilowatt-hours. 

Colombo has also appointed a negotiating committee, which is approved by the Cabinet, to review Adani Green’s project proposals. 

Earlier in February last year, the company received approval to invest $442 million in developing 484 megawatts of wind power plants in two towns in northern Sri Lanka. 

Sri Lanka, having faced an economic crisis in 2022 and several power blackouts and fuel scarcity, is now benefiting from Adani Green’s projects. The country’s efforts to encourage the growth of renewable energy projects are helping to hedge against the cost of imported fuels, a commendable step towards a sustainable future.

In its quarterly earnings for January-March, the company’s net profit was Rs 310, a 39% drop from Rs 507 crore the previous year. The Adani Group company’s revenue in the fourth quarter decreased by 6% to Rs 2,806 crore from the same period the previous year, when sales were Rs 2,977 crore.

At 1:03 pm, the shares of Adani Green were trading 2.04% lower at Rs 1,730.55 on NSE.