AGEL Secures 20-Year Agreement with Sri Lankan Government for Wind Power Stations

Tags: Economy/Finance

Adani Green Energy Limited (AGEL) has signed a Power Purchase Agreement (PPA) for 20 years with the Government of Sri Lanka.

An Overview of the News

• Under the agreement, AGEL will receive compensation of 8.26 cents per kilowatt-hour (kWh).

• The company will establish wind power stations in Mannar and Poonerin regions of Sri Lanka.

Important Considerations:

• The Sri Lankan Government has formed a negotiation committee to assess the proposed wind power plant project by Adani Green Energy.

• In February 2023, Adani Green Energy was granted approval to invest USD 442 million for the development of 484 MegaWatts (MW) wind power plants in Northern Sri Lanka.

About Sri Lanka

• Legislative Capital - Sri Jayawardenepura Kotte

• Judicial and Executive Capital - Colombo

• President - Ranil Wickremesinghe

• Currency - Sri Lankan Rupee (LKR)