In line with a statement from the board, Sri Lanka's Board of Investment has approved two wind power projects by India's Adani Green Energy Ltd, which will cost $442 million in total.
"The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, they will be added to the national grid by 2025," the statement added.
The troubled Adani Group's seven listed firms have lost around US$125 billion in market value after a US short seller last month alleged unlawful use of tax havens and stock manipulation by the apples-to-airports conglomerate. Adani Green Energy is the group's renewable energy division.
Any wrongdoing has been refuted by the Adani Group.
Rolling power outages have plagued Sri Lankans for more than a year as a result of the nation's inability to produce enough thermal and coal electricity, which has forced the government to expedite renewable energy projects.
In an effort to get a US$2.9 billion bailout from the International Monetary Fund (IMF) as it fights to emerge from its worst financial crisis in more than seven decades, the island nation raised power prices by a hefty 66 percent last week.
A delegation from Adani is in Colombo to assess several projects with Sri Lanka. The conglomerate is also participating in the largest port in Sri Lanka's construction of a terminal project for US$700 million.
Based on a statement from the Sri Lankan Board of Investment, the Adani wind power project will create between 1,500 and 2,000 new jobs.
Moreover, Sri Lanka wants to send clean energy from its northern regions to southern India.