Panasian Power subsidiaries sign PPAs for five 5MW ground mounted solar PV projects
Daily FT: Panasian Power PLC has stated that Group companies have entered into Power Purchase Agreements (PPAs) for five 5MW ground mounted solar PV projects in the Galle, Anuradhapura, Ampara, Maho, and Matara Grid Substations effective 15 August.
In November last year, Panasian Power PLC, a leading renewable energy company founded in 2002, announced that four of its fully-owned subsidiaries successfully secured awards from the Ceylon Electricity Board (CEB) for six ground-mounted solar PV projects with a cumulative capacity of 30MW/40MWdc at an attractive tariff.
The four subsidiaries participated in the CEB solar PV tenders floated on 14 March 2023 and on 10 November 2023, and were awarded with 5MW x 6 Nos. ground mounted solar PV projects in the Galle, Anuradhapura, Ampara, Kurunegala, Maho, and Matara Grid Substations.
At the time, the company said these projects may contribute greatly to meeting the national energy target as well as the national emission reduction targets.
OSL take:
The signing of PPAs for renewable energy generation projects indicate the expansion in Sri Lanka’s power industry, especially the renewable energy generation sector, as well as the growth in business/investment opportunities in the sector. Given Sri Lanka’s commitment to expand the country’s renewable energy generation component, the business/investment opportunities in the sector provide lucrative opportunities to foreign businesses/investments. Given the steady growth in Sri Lanka’s power industry with the potential of further expansion in the coming months, foreign businesses/investors could confidently explore the business/investment opportunities in the sector. The business potential in the sector has already attracted many foreign businesses like India’s Adani Green Energy to Sri Lanka. Foreign businesses could also look at forming collaborations with local businesses in the renewable energy generation sector to further expand operations.