Adani Green Energy Ltd. has received approval to install wind power plants in Sri Lanka for an investment of Rs 3,657 crore.
The board of investment of Sri Lanka, in a Twitter post, said that it has issued the letter of approval to the renewables arm of the Indian conglomerate Adani Group, for setting up two wind power plants in Mannar and Pooneryn, in Sri Lanka, for an investment of $442 million, or Rs 3,657 crore.
The project will add 350 megawatts of electricity to the national grid within two years, it said.
The stock closed 5% lower at Rs 486.75 apiece, compared with a 0.26% decline in the NSE Nifty 50. The total traded volume so far in the day was 0.7 times the 30-day average.
The one analyst tracking the stock has maintained 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 29.10%.
Adani Green Energy said that it has a large portfolio of renewable energy, with 6,724 megawatts of power running as on Sept. 30, 2022, and 13,710 megawatts locked-in under execution or near construction, it said in its investor presentation.
Of the 13,710 MW, 10,477 MW is under execution and the remaining 3,233 MW is near construction, it said. The company pegs a locked-in growth of 20,434 MW.
This includes 2,151 MW of locked-in growth in wind energy, 2,740 MW in hybrid, and the remaining 15,543 MW of locked-in growth in solar energy.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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