Saudi delegation to visit Sri Lanka for renewable energy investments
Economynext: A Saudi Arabian delegation will visit Sri Lanka to look into investment opportunities in renewable energy and other projects, outgoing Saudi envoy has told President Gotabaya Rajapaksa on Tuesday (29 March).
“A high-level Saudi delegation will soon visit Sri Lanka to explore the investment opportunities in the renewable energy sector and other sectors,” the President’s Media Division (PMD) said quoting the outgoing Ambassador Abdulnasser Hussain Al-Harthi.
“The President pointed out the vast opportunities available in Sri Lanka for direct investment in the pharmaceutical, technology and apparel industries.”
Rajapaksa’s attempts to shift into renewable energy is yet to be prove success. Already U.S.-based New Fortress Energy is given green light for a Liquefied Natural Gas (LNG) project through an unsolicited project and India’s privately owned Adani group is given approval to build a solar plant in the northwestern coast of Mannar.
Another 100 MW solar power plant has been signed with India to build in Sri Lanka’s eastern port district of Trincomalee after a planned 500 million US dollar 500 MW coal-fired plant was cancelled due to environmental concerns.
Sri Lanka is facing an energy crisis due to severe shortage of dollars deprived the island nation of importing fuel for power generation. The country is facing around 7.5 hour power cuts on a daily basis.
President Rajapaksa also invited the Saudi government to explore investment opportunities associated with the Chinese-owned Colombo Port City and the proposed ship repairing and manufacturing facility to be built at the Chinese-managed Hambantota Port.
Rajapaksa thanked Saudi Arabia for its development assistance provided through the Saudi Development Fund.
Outgoing Saudi envoy Al-Harthi stated that Saudi Arabia intends to continually provide the assistance of the Saudi Development Fund to Sri Lanka.
OSL take:
Sri Lanka’s power sector, especially the renewable energy generation sector, has become a hotspot for business/investment opportunities. The continuously increasing demand for power and the ongoing power crisis has further placed focus on the potential business/investment opportunities in Sri Lanka’s renewable energy generation sector. Many international players have already reached agreements and expressed interest in investing in Sri Lanka’s renewable energy generation sector. The policy adopted by the government of Sri Lanka to ensure 70% power generation from renewable energy by 2030 is a further indication of the growing business potential in the country’s renewable energy generation sector.
| Article Code : | VBS/AT/19042022/Z_3 |