The Adani Group has entered into a $750 million worth 500-megawatt wind power project in Sri Lanka. Since the company secured 553 million in debt financing from the U.S. International Development Finance Corp. for the Colombo West International Terminal, the group intends to commission the wind project in the north-western side within 24 months of government approval.
The CEO of Adani Ports and Special Economic Zone Ltd., Karan Adani emphasized about the favorable wind conditions on Sri Lanka’s west coast and also highlighted that the renewable power generated would be the country’s most cost-effective. In addition, the group has planned for a cross-country transmission corridor connecting Sri Lanka to the Indian power grid.
Marking as a first time DFC funding for the post-related investment in Sri Lanka or any other Adani-operated project, the U.S. government financing was provided to the Colombo West International Terminal, developed in collaboration with John Keells Holdings PLC. The 20-year loan with a 30% equity contribution from partners reflects confidence in Adani’s financial and execution capabilities.
At the port of Colombo, two container terminals are currently being constructed by the Adani Ports which is likely to be finished by February 2025. Since 2021, these terminals focus on directing the ports over 90% utilization and serving the developing economies in the Bay of Bengal. These improvements provide 2 million 20-foot equivalent container handling capacity.
Moving forward, the company aims to expand its international port portfolio beyond Israel’s Haifa and Sri Lanka, examining strategic locations in Bangladesh, East Africa, the Middle East, Southeast Asia, and Vietnam. The main objective is to combine these ports into the global supply chain, designating India as the hub for their operations. In the evolving global trade arena, this expansion aligns with the group’s vision along with the country’s role in the global business.
