Sri Lanka approves MoU with Adani Green for development of wind power stations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Sri Lankan government on May 7 approved an agreement with Gautam Adani-led Adani Green Energy for the development of wind power stations in Mannar and Poonerin, according to a report by Reuters.

Colombo has appointed a negotiating committee, approved by the Cabinet, to review the project proposals offered by the Indian company. The Lankan cabinet has also given its nod to a power purchase agreement for 20 years, the report said.

The stock of the green power major, however, traded 0.54 percent down at Rs 1,755.8 on the BSE around 10:39am on May 7.

On May 3, the company reported a 39 percent drop in its net profit at Rs 310 for the quarter ended March 31, compared to Rs 507 crore a year ago.

The Adani Group firm’s revenue declined 6 percent to Rs 2,806 crore in the fourth quarter against Rs 2,977 crore in the same period last year.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow