COLOMBO: Sri Lanka has entered into a 20-year power purchase agreement with India’s Adani Green Energy Ltd for two wind power stations developed by the company, a cabinet statement said on Tuesday.

Adani Green Energy, the renewable energy unit of the Adani Group, led by billionaire Gautam Adani, won the approval in February last year to invest $442 million and develop the 484 megawatts wind power plants in Mannar town and Pooneryn village, both located in the Northern province of Sri Lanka.

The company will be paid 8.26 cents per kilowatt-hours (kWh) as per the agreement, the government said.

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The Adani Group is also involved in building a $700 million terminal project at Sri Lanka’s largest port in Colombo.

The cash-strapped South Asian island nation, which suffered from crippling power blackouts and fuel shortages during an economic crisis in 2022, has been trying to fast-track renewable energy projects to hedge against surges in imported fuel costs.