Shares of Adani Green Energy Ltd jumped 8.3 percent on Friday to Rs 2,484.4, after Sri Lanka granted provisional approval to the Adani Group company for two wind projects on Wednesday.

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The stock has gained 11.5 percent since the announcement. The shares were trading 5.75 percent up at Rs 2,425.85 on BSE at the time of writing.

1) Met officials of CEB & Sustainable Development Authority today to discuss the progress of renewable energy projects. Adani Green Energy was issued Provisional Approvals for 2 Wind projects of 286MW in Mannar & 234MW in Pooneryn for an Investment of over USD 500 Million. pic.twitter.com/1I5Pk4o07M

— Kanchana Wijesekera (@kanchana_wij) August 16, 2022Energy and Power Minister of Sri Lanka Kanchana Wijesekara announced that provisional approval had been granted to the Adani Group for two wind projects of 286 MW and 234 MW for an investment of over $500 million in the country's northern province.

In another tweet, Wijesekara said: "21 of 46 Projects that were delayed due to CEB Act amendments will enter into PP agreements next week. 26 Renewable proposals from EOIs that were given Provisional Approvals to be expedited with Grid clearance and transmission plans and other proposals to be evaluated within 30 days."

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It is the first official confirmation of the two investments in Sri Lanka's energy sector by the Ahmedabad-based renewable energy giant.

A senior official from the CEB said last year that the Adani Group is also exploring the possibility of investing in Sri Lanka's energy and wind sector after signing a deal in September last year to develop and operate the strategic Colombo Port's Western Container Terminal.

Gautam Adani had earlier tweeted: "Privileged to meet President @GotabayaR and PM @PresRajapaksa. In addition to developing Colombo Port's Western Container Terminal, the Adani Group will explore other infrastructure partnerships. India's strong bonds with Sri Lanka are anchored to centuries' old historic ties."

Due to mounting opposition from local port unions, Adani Group's bid to control the Eastern Container Terminal (ECT) failed.

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