Karan Adani announced Adani Green will invest $750mn, power sector in Sri Lanka
Wednesday, 08 November 2023, 15:48 IST
Adani Green, a unit of the Adani Group, has announced a substantial investment of $750 million in Sri Lanka's power sector, as revealed by Adani Ports and Special Economic Zone (SEZ) CEO Karan Adani. The decision is aimed at bolstering Sri Lanka's energy infrastructure and promoting the transition to cleaner and more sustainable sources of power. Sri Lanka, like many nations, is prioritizing the development of its energy infrastructure to meet the growing demand for electricity while reducing the environmental impact. Adani Green's substantial investment is expected to play a pivotal role in achieving these goals and ensuring a more sustainable energy future for the country.
In addition to the investment in the power sector, Adani Group has plans to invest nearly $1 billion in the Sri Lanka West Terminal by the fiscal year 2026. CEO Karan Adani also shared an innovative vision for the future. The Adani Group aims to export renewable power from Sri Lanka to India by establishing transmission lines between the two nations. This cross-border collaboration could have a significant impact on India's efforts to meet its energy needs with cleaner and greener sources of power. Furthermore, the Adani Group has its sights set on other regions as well. They are actively exploring opportunities in parts of West Asia, neighboring countries, and Southeast Asia for strategic investments and acquisitions in the port sector.
The Adani Green Energy Limited (AGEL) has also planned a capex of Rs 14,000 crore and aims to achieve operational capacity of 11 GW in FY24, its CEO Amit Singh said. The company has an operating renewable energy (RE) portfolio of 8.4 GW across solar, wind, and hybrid capacity, the company official said in an investor presentation. "With plans to deliver 2.8-3 GW capacity in FY24, the company's operating portfolio will increase to 11 GW. In FY24, the company has indicated a capex of Rs 14,000 crore", ANI quoted Singh as saying.
A large part of the capacity addition will come in Khavda in Gujarat, where the company has deployed a workforce of more than 5,000 people. The company plans to add 5 GW of RE portfolio every year from FY25 onwards, "We have the largest operating renewable portfolio in India. We are ramping up our execution capabilities as we prepare for our next phase of growth. We are working extensively on our next milestone of developing the largest RE cluster in the world in Khavda in Gujarat".
In addition to the investment in the power sector, Adani Group has plans to invest nearly $1 billion in the Sri Lanka West Terminal by the fiscal year 2026. CEO Karan Adani also shared an innovative vision for the future. The Adani Group aims to export renewable power from Sri Lanka to India by establishing transmission lines between the two nations. This cross-border collaboration could have a significant impact on India's efforts to meet its energy needs with cleaner and greener sources of power. Furthermore, the Adani Group has its sights set on other regions as well. They are actively exploring opportunities in parts of West Asia, neighboring countries, and Southeast Asia for strategic investments and acquisitions in the port sector.
The Adani Green Energy Limited (AGEL) has also planned a capex of Rs 14,000 crore and aims to achieve operational capacity of 11 GW in FY24, its CEO Amit Singh said. The company has an operating renewable energy (RE) portfolio of 8.4 GW across solar, wind, and hybrid capacity, the company official said in an investor presentation. "With plans to deliver 2.8-3 GW capacity in FY24, the company's operating portfolio will increase to 11 GW. In FY24, the company has indicated a capex of Rs 14,000 crore", ANI quoted Singh as saying.
A large part of the capacity addition will come in Khavda in Gujarat, where the company has deployed a workforce of more than 5,000 people. The company plans to add 5 GW of RE portfolio every year from FY25 onwards, "We have the largest operating renewable portfolio in India. We are ramping up our execution capabilities as we prepare for our next phase of growth. We are working extensively on our next milestone of developing the largest RE cluster in the world in Khavda in Gujarat".
