Sri Lanka's Board of Investment on Wednesday (22nd Feb 2023) approved two wind power plants by India's Adani Green Energy Ltd with a total investment of $442 million.

* The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, they will be added to the national grid by 2025.

* Adani Green Energy is the renewable energy unit of the embattled Adani Group, whse seven listed companies have lost some $125 billion in market value after a US short seller last month alleged improper use of tax havens and stock manipulation by the apples-to-airports conglomerate.

* The island nation hiked power prices by a hefty 66% last week, part of effortsto nail down a $2.9 billion bailout from the International Monetary Fund (IMF), as it struggles to find a way out of its worst financial crisis in more than seven decades.

* A group of Adani officials are in Colombo to evaluate multiple projects with Sri Lanka. The conglomerate is also involved in building a $700 million terminal project at Sri Lanka's largest port.

* The Sri Lankan Board of Investment statement said the Adani wind power project will generate 1,500 to 2,000 new job opportunities..

Source : India Times