Government green-lights long-term lease for solar power project in Siyambalanduwa
Daily FT: The Cabinet of Ministers has given the green light for a 25-year lease of around 219.72 hectares of land to facilitate a 100 MW solar energy project Siyambalanduwa Divisional Secretariat Division of the Monaragala District.
The proposal to this effect put forth by the Power and Energy Minister Kanchana Wijesekera on the recommendation of the Lands Ministry to lease the land on a long-term lease basis for 25 years to the Sustainable Energy Authority, with relevant provisions to enable sub-leasing to a selected renewable energy developer.
“On 7 August 2023, the proposal to acquire land in Siyambalanduwa Divisional Secretariat Division, Monaragala District was taken up for discussion under the Sri Lanka Sustainable Energy Authority for the 100 MW solar energy project. It was then decided that the matter should be discussed with the Lands Ministry and then the related information should be submitted to the Cabinet,” the Cabinet Co-Spokesman and Minister Bandula Gunawardena had said.
The project stands poised to significantly boost the renewable energy capacity and reinforce Sri Lanka’s position as a proponent of environmentally friendly power generators. The move aligns with the global progress towards transitioning to cleaner, more sustainable energy alternatives.
OSL take:
Sri Lanka’s renewable energy sector is one of the fastest growing economic sectors in the country. The increase in the demand for power in line with the expanding economic activities and the expected growth in the coming months has resulted in the expansion in business/investment opportunities in Sri Lanka’s power and energy sector, especially in the renewable energy sector. The growth and profits recorded by local businesses engaged in the sector are indicative of the lucrative nature of the business as well as the growing business potential in Sri Lanka’s renewable energy sector. The government of Sri Lanka is also encouraging investments to the renewable energy sector with incentive schemes and other benefits. All these have attracted the attention of many foreign businesses engaged in the power and energy sector to express interest in entering Sri Lanka’s renewable energy sector. Foreign businesses/investors could therefore explore the expanding opportunities in Sri Lanka’s power and energy sector, especially in the renewable energy sector.
Article Code : | VBS/AT/20231010/Z_7 |