Adani to expand further in Sri Lanka

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Adhani

There is no turning back India’s Adani Group is very much on an expansion drive in Sri Lanka. According to Namini Wijedasa of Sunday times, Adani Green Energy Limited (AGEL) is set to make its gains in a fast-forward mode.

Adani Group has plans to increase its share within the country’s energy market by setting up 1000MW of RE projects in addition to the 500MW wind and solar plants in the Mannar and Pooneryn projects it already holds.

According to Namini Wijedasa, a letter has been sent in November last year by Vneet Jaain, AGEL Managing Director and Chief Executive Officer, to former Treasury Secretary S.R. Attygalle states that the company proposes to increase its footprints by setting up 1000MW of RE projects “in quick times [sic] to match its growing energy demand…”

Despite protests from Colombo port trade unions, Adani is controlling 51 percent shareholding in the West Container International Terminal (Pvt) Ltd.

Parliamentarian Namal Rajapaksha has been very much involved in facilitating Adani’s discussions in Colombo, and Opposition leader Sajith Premadasa has been making some mild sounds and Prime minister Ranil Wickramasigha has made it clear that given India’s support to establish credit lines Sri Lanka has little or no options than taking care of India’s Business interests.

On the other hand, SRI Lanka’s power and energy bureaucracy has not been able to implement alternative power projects for over a decade, and given this kind of lethargy and drowned the country in an energy crisis giving way to investments at a higher premium to an investor from a neighboring country may not be all that bad according to some analyst.

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