Adani Group’s Plans for The Renewable Sector in Sri Lanka
The Adani Group, the most reliable ports-to-power conglomerate, has always wanted to increase its hold over the renewable energy sector. Over the years, it has taken up multiple projects in the renewable energy sector. The conglomerate operates various solar and wind power projects in different corners of India. It is also currently working on multiple renewable projects. Of late, the Adani Group has plans to expand its renewable hold over other corners of the world as well. Adani latest updates reveal that it plans to invest 750 million USD in the Sri Lanka power sector. So, let us look at why the Adani Group is willing to invest in the power sector of Sri Lanka and how this project will benefit the people at large.
Why Does the Adani Group Plan to Invest in The Renewable Sector in Sri Lanka?
The decision to invest 750 million in Sri Lanka’s power sector by the renowned conglomerate is aimed at further strengthening the energy infrastructure of Sri Lanka and promoting a transition to a more sustainable power source. This makes a way towards a greener planet. Adani Green, a subsidiary of the Adani Group, will take charge of the Adani Sri Lanka power project. Like some of the major nations in the world, Sri Lanka has also brought down its focus on developing its energy infrastructure. This will help the country meet its electricity needs, and the direct impact on the environment will also be considerably reduced.
The renewable energy generated in Sri Lanka will be transported to India through transmission lines after completing the project. This will be another transnational project under the Adani Group after the India-Bangladesh power transmission project. The project will also help us in fulfilling our energy needs. Adani Green’s investment in the energy sector is an opportunity for Sri Lanka to achieve its energy goals. In addition to the recent investment in the power sector, the Adani Group plans to invest around 1 billion USD in West Terminals Sri Lanka by 2026. This is going to be a huge step taken by the Adani Group in the energy sector. It will also pave the path towards a greener and cleaner planet and will lead us to a more promising future.
How Does the Adani Group Aim to Further Expand the Renewable Energy Sector?
The Adani Group has its eyes on various other regions as well. The conglomerate is exploring opportunities to enhance its renewable energy presence in West Asia, neighbouring countries, and Southeast Asia. These strategic investments will help Adani Group attain its global expansion objective. The conglomerate also aims to acquire strategic ports in some crucial destinations. The Adani Group has a planned capex of INR 14,000 crores with an ambition to develop an operational capacity of 11 GW by 2024. A large part of the additional capacity will come from Khavda in Gujarat, according to Adani latest updates.
Adani Green has already set up a massive workforce of 5,000 people to meet the increased energy needs. This will allow our country to meet the ever-expanding demand for energy. Presently, the Group has an operating renewable energy portfolio of 8.4 GW from its various projects. The subsidiary also plans to add a 5 GW renewable energy portfolio to its existing energy portfolio annually from 2025 onwards to ensure no electricity shortage.
Conclusion:
The Adani Group, aiming to transform India’s energy sector completely, looks forward to enhancing its execution capability during the upcoming fiscal year. The conglomerate is also working relentlessly on achieving its milestone of becoming the largest renewable energy sector in the entire world. Looking at how the conglomerate is progressing, the Gautam Adani-led company will successfully achieve its goal within the next decade.
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