New Delhi, May 8 (KNN) 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, the government said on Tuesday.

Under the agreement, Adani Green Energy will sell electricity to Sri Lanka from 484 megawatts of wind power capacity it has built in the Northern province towns of Mannar and Pooneryn.

The renewable energy firm, part of billionaire Gautam Adani's Adani Group, will be paid 8.26 U.S. cents per kilowatt-hour for the power supplied.

The USD 442 million wind project, which received government approval in February 2022, is part of Sri Lanka's efforts to accelerate renewable energy development and reduce reliance on imported fuels after facing crippling power cuts during last year's economic crisis.

The Adani Group is also involved in a USD 700 million terminal project at Sri Lanka's Colombo port, a key shipping hub for the Indian Ocean island nation. The conglomerate has been increasing its investments in Sri Lanka in recent years.

Sri Lanka has been trying to fast-track renewable energy projects to hedge against volatile global fuel prices after running out of dollars to import fuel and essentials last year, leading to months of shortages and protests that forced a change in government.

(KNN Bureau)