Adani invests in renewable energy project

Chief Government Whip Highways Minister and Chairman of the Cabinet subcommittee to expedite renewable energy projects, Johnston Fernando yesterday said that President Gotabaya Rajapaksa had ordered that action be taken to generate 5000 MW from renewable energy.

As a part of the new programme, the Cabinet subcommittee had approved a project by India’s Adani Group to invest 500 million US dollars in developing renewable energy projects in Sri Lanka, the Minister said, adding that the Indian company is expected to invest in several more similar projects here.

Minister Fernando said that the government had decided to take stern action against those who delayed foreign investment projects.

The country’s energy requirement increased annually by 5 to 8 percent owing to new development projects, construction of more houses and new factories, and more electricity had to be generated from renewable sources, Fernando said.

Minister Fernando said the Cabinet subcommittee had decided to select suitable investors from those who had expressed their willingness to invest in identified renewable energy projects, identifying new projects with higher feasibility, taking actions to reform laws and regulations, expeditiously, to remove existing legal and other barriers, and upgrading the facilities used for adding the power generated from renewable energy sources to the national grid.