State Minister of Investment Promotion Dilum Amunugama revealed that the renewable energy project, led by the Adani Group of India, in Sri Lanka has been delayed, as the Ceylon Electricity Board (CEB) is still drafting the Power Purchase Agreement (PPA).
As per the project conditions, there was a requirement for the Adani Group to fulfill a banking threshold in Sri Lanka, which they have done. However, since the PPA has not been finalised, the project commencement has been delayed.
The CEB is the buyer of the energy, hence they need to have the PPA ready and that will be finalised soon, he added.
He said, there is no dispute and the CEB is drafting the agreement for all renewable energy projects in Sri Lanka and there is no other disputes regarding the Adani investment
He also pointed out that there is USD 604 million in new investments for Sri Lanka, for the first quarter and the agreements have been signed. He noted that about 50 per cent are renewable energy projects.
The investment fund has not arrived in full, however, around USD 250 million is in Sri Lanka. Korea and India and others are the investors he said.