Investment opportunities expand in Sri Lanka’s solar, wind and hydro power generation
Sri Lanka’s newly appointed State Minister for Solar, Wind, Hydro and Grid Power Generation Projects Development Duminda Dissanayake has reportedly called on the country’s private sector to enter into renewable power generation and increase investments in the sector.
Dissanayake has made these observations after assuming duties at the Ministry.
Dissanayake has noted that the government of Sri Lanka would promptly take necessary measures to approve and increase renewable power generation projects.
The State Minister has reportedly expressed willingness to work closely with the private sector to increase renewable power generation in the country.
He has further stated that the country has qualified individuals in the renewable energy field and that the Ministry would expect to harness the experience and knowledge of local experts.
Dissanayake has added that the President has given a target of achieving 80% of the country’s power generation to be via renewable power sources in 10 years, local media reports stated.
According to the Minister, certain targets need to be met annually, and those were mentioned in the Gazette, which he viewed as a sign of commitment of the President to increase renewable power generation in the country.
The Minister has said that government would also look for support from foreign countries to increase renewable power generation, and share their experiences to attain the local targets.
The government of Sri Lanka, headed by President Gotabaya Rajapaksa has placed much focus on the development of renewable energy generation sources to provide a sustainable and cheap power to meet the growing demand for power in the country. The expanding economy and the growing demand for power have expanded business/investment opportunities in Sri Lanka’s power industry, especially the renewable energy sector. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region.
|Article Code :||VBS/AT/31082020/Z_2|