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Magadh Today - Beyond Headlines > Latest News > Business > Adani Green to invest $750 mn in Sri Lanka power sector, says Karan Adani
Business

Adani Green to invest $750 mn in Sri Lanka power sector, says Karan Adani

Gulshan Kumar
Last updated: 2023/11/08 at 9:06 PM
By Gulshan Kumar 2 years ago
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Adani Green, a subsidiary of the Adani Group, has unveiled its ambitious plan to invest a substantial $750 million in Sri Lanka’s burgeoning power sector, as disclosed by Adani Ports and Special Economic Zone (SEZ) CEO, Karan Adani, in an exclusive interview with ET Now. This strategic move is strategically aimed at fortifying Sri Lanka’s energy infrastructure and facilitating the shift towards cleaner and more sustainable power sources.

Sri Lanka, like many nations, is steadfastly prioritizing the expansion of its energy infrastructure to meet the burgeoning demand for electricity while concurrently reducing the adverse environmental impact. Adani Green’s remarkable financial commitment is poised to play a pivotal role in the realization of these objectives, ensuring a more ecologically responsible and sustainable energy landscape for the nation.

In addition to this momentous investment in the power sector, the Adani Group has delineated plans to infuse nearly $1 billion into the Sri Lanka West Terminal by the fiscal year 2026. This multifaceted approach underscores the Group’s commitment to fostering both economic and environmental development in the region.

Furthermore, CEO Karan Adani has articulated an innovative vision for the future. The Adani Group is actively pursuing the establishment of transmission lines connecting Sri Lanka to India, which would facilitate the export of renewable energy. This cross-border collaboration bears the potential to significantly contribute to India’s aspiration of meeting its energy demands with cleaner and more sustainable power sources.

Not confined to Sri Lanka alone, the Adani Group is exploring opportunities in various regions, including West Asia, neighboring countries, and Southeast Asia, with a keen focus on strategic investments and acquisitions within the port sector. This multifaceted approach reflects the Group’s commitment to sustainable growth and global engagement.

Adding another layer to their ambitious plans, the Adani Green Energy Limited (AGEL) has charted a comprehensive capital expenditure plan of Rs 14,000 crore, with the goal of achieving an operational capacity of 11 GW in FY24. The company currently boasts an operational renewable energy (RE) portfolio of 8.4 GW across solar, wind, and hybrid capacities. With a plan to deliver 2.8-3 GW of capacity in FY24, AGEL’s operating portfolio is set to expand to 11 GW. Much of this capacity expansion will be concentrated in Khavda, Gujarat, where the company has deployed a workforce of over 5,000 individuals.

Looking further ahead, the company aims to incrementally add 5 GW of RE portfolio each year starting from FY25, reinforcing its status as a leading player in India’s renewable energy landscape.

In summary, the Adani Group’s strategic investments and plans, both in Sri Lanka and beyond, underscore their commitment to sustainable energy development and environmental responsibility. These initiatives are set to make a significant impact on the power sector, economic growth, and environmental conservation in the region.

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