HayWind and CEB to spearhead Sri Lanka’s largest private investment in wind power
The Morning: Sri Lanka’s largest private investment in wind power, a 50MW farm in Mannar, will be developed by HayWind, the wind energy arm of Hayleys Fentons, following a competitive bid awarded by the Ceylon Electricity Board (CEB).
The official Power Purchase Agreement (PPA) was signed on 28th May 2025 at the Ministry of Energy.
This agreement reaffirms the awarding of a 50MW wind power plant development in Mannar to HayWind One Limited, following the tender bidding process. The project was secured at the most competitive rate of 4.65 US cents per kilowatt-hour and will be developed on a Build, Own, and Operate (BOO) basis.
It represents a crucial advancement in Sri Lanka’s renewable energy journey and will deliver long-term environmental and economic benefits to the nation.
Professor K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, Sri Lanka, stated: “This project is a timely and strategic investment in Sri Lanka’s clean energy future. It exemplifies the collaborative spirit needed to achieve our renewable energy targets and foster long-term energy independence.”
The proposed wind farm will consist of 10 turbines, each generating approximately 5MW, and is scheduled to be operational within 18 months. Once operational, it will make a significant contribution to the national grid by supplying clean, affordable energy.
The CEB will purchase the electricity generated by the project, resulting in cost savings for the utility and ultimately, more affordable power for Sri Lankan consumers. Unlike traditional fossil fuel-based power generation, wind energy is clean, sustainable, and emission-free, helping the nation move closer to achieving its net-zero carbon targets.
“This landmark project is a major step forward in Sri Lanka’s renewable energy ambitions,” said Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
“We are proud to lead the way in sustainable energy investment and to play a key role in delivering the country’s most affordable electricity. By embracing renewable technologies, we are also contributing meaningfully to global climate action. With Sri Lanka aiming for 70% renewable energy by 2030, the Hayleys Group is accelerating its own journey to net-zero by 2035. The Mannar Wind Farm is a pivotal milestone in expanding our clean energy portfolio,” said Hasith Prematillake, Managing Director of Hayleys Fentons.
“Through our sustainable energy initiatives, we aspire to become the lowest-cost producer of renewable energy in Sri Lanka, while contributing positively to foreign exchange savings. For example, this project alone will save Rs. 3 billion over its 20-year lifespan compared to the next best alternative bid in the tender.”
OSL take:
Sri Lanka’s power and energy industry, especially the renewable energy generation sector, has shown a strong growth and expansion indicating the overall expansion in business/investment opportunities in the sector. With the country working towards becoming a hub in the South Asian region, the demand for power and energy are also on a constant increase, which in-turn has opened many business/investment opportunities in the renewable energy generation sector. The Sri Lankan government’s commitment to further increase the country’s renewable energy generation component in the total energy mix has added to the expansion in business/investment opportunities in the renewable energy sector. Also, the growth, profits and expansion recorded by local businesses already engaged in the renewable energy sector and the interest shown by many leading foreign businesses to enter Sri Lanka’s renewable energy sector are all indicative of the increasing business potential in the sector. Given the steady growth path recorded by the country’s power and energy industry, foreign businesses/investors could confidently explore the increasing business potential and opportunities in Sri Lanka’s renewable energy generation sector.
| Article Code : | VBS/AT/20250605Z_6 |