Govt. approves 20-year PPA with Adani for484 MW wind power in Mannar and Poonaryn

Wednesday, 8 May 2024 00:42 - - {{hitsCtrl.values.hits}}

Power and Energy Minister Kanchana Wijesekera says negotiated tariff rate of $ 8.26 cents is to be paid in rupees on prevailing exchange rate

The Government has approved a 20 year power purchase agreement (PPA) with Adani Green Energy for the development of wind power stations 484 MW in Mannar and Poonaryn.

The proposal to this effect submitted by Power and Energy Minister Kanchana Wijesekera was approved by the Cabinet of Ministers at its meeting on Monday.

The resolution sets the price for electricity generated under the proposed project at $ 8.26 cents per KW, subject to payment in Sri Lankan Rupees based on the prevailing foreign exchange rate, for a duration of 20 years.

“On the current exchange rate considered as, USD 1 = Rs. 300, the cost of energy will be Rs. 24.78 per kWh. The current average cost of energy in Sri Lanka is Rs. 39.02 per kWh,” Power and Energy Minister noted via ‘X’.

On 7 March 2022, the Cabinet approved to enter into a memorandum of understanding (MOU) with M/s Adani Green Energy Limited of India. The MOU aims to develop wind power stations in Mannar and Poonerin, as part of Sri Lanka›s renewable energy initiatives.

Accordingly, a negotiation committee has been appointed by the Cabinet of Ministers to evaluate the project proposal furnished by the said Company. The decision on Monday was based on the recommendations of that Committee.

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