Adani Green Energy will build two wind power stations in Sri Lanka: Power Purchase Agreement signed for 20 years, company will invest Rs 367 crore

The Sri Lankan government on Tuesday approved the development of a wind power station in the country with Gautam Adani’s renewable energy company Adani Green Energy. Adani Green Energy will build wind power stations in Mannar and Poonarrin of Sri Lanka. Both sides have signed a 20-year power purchase agreement. The Sri Lankan government said that according to the agreement the company will be paid 8.26 cents per kilowatt-hour (kWh). Earlier in February last year, Adani Green Energy had received approval to develop a 484 MW wind power plant in Mannar city and Poonarin village. For this the company is going to invest 442 million dollars (about 367 crores). Both these places are in the Northern Province of Sri Lanka. In the year 2022, Sri Lanka faced a severe power crisis and fuel shortage. In the year 2022, Sri Lanka faced a severe power crisis and fuel shortage during the economic crisis. To avoid the cost of imported fuel, Sri Lanka is now accelerating renewable energy projects. Adani Green Energy’s profit declined by 39% in the fourth quarter. In the January-March quarter, Adani Green Energy’s consolidated net profit declined by 39% on an annual basis (YoY) to ₹ 310 crore. The company’s consolidated net profit in the same quarter last year was ₹507 crore. Whereas in the last quarter (Q3FY24) it was ₹256 crore. That means the company’s consolidated net profit has increased by 21.09% on quarterly basis (QoQ). Adani Green Energy Limited had released the results of Q4FY24 i.e. the fourth quarter of the financial year 2024 on May 3. Revenue declined by 5.74% to ₹ 2,806 crore. In the fourth quarter, Adani Green Energy’s consolidated revenue (income) declined by 5.74% to ₹ 2,806 crore on an annual basis. It was Rs 2,977 crore in the same period of the last financial year. The company’s consolidated revenue in the last quarter (Q3FY24) stood at ₹2,675 crore. That means the company’s revenue has increased by 4.89% on quarterly basis (QoQ). 29% increase in company’s profits in the entire financial year. An increase of 29.49% has been recorded in the consolidated profits of the company in the entire financial year. The consolidated profit of the company in FY24 was Rs 1,260 crore. In the last financial year i.e. FY23, the profit of Adani Green Energy was Rs 973 crore.

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