Sri Lanka based renewable energy companies to venture into Africa
Sri Lanka’s embassy in Ethiopia has reportedly stated that a path breaking initiative for Sri Lanka-based renewable energy firms to move into Africa has been laid in Addis Ababa.
The opportunity has been set through a programme backed by the United National Development Programme (UNDP) and China, the Embassy has noted.
The United Nations Development Programme and the Ministry of Irrigation and Energy in Ethiopia have supported a forum in Addis Ababa, with the participation of African business chambers to showcase Sri Lanka’s capabilities in deploying renewable energy solutions in solar and biogas, the local media has reported.
China is financing a three year US$ 2 million programme involving Ethiopia and Sri Lanka to promote renewable solution Resident Representative of UNDP for Ethiopa Turhan Saleh has been quoted in the media as saying.
Sri Lanka’s Ambassador to Ethiopia and Permanent Representative to African Union, Sumith Dassanayake has been quoted as saying that Sri Lanka has made strong progress in renewable energy and many Sri Lankan firms had acquired capacity to build and deploy renewable energy solutions.
According to Dassanayake, private Sri Lankan companies have gained international recognition for building renewable energy solutions for industrial and residential use and their expertise was available to African nations.
He has added that the UNDP had also helped Sri Lanka in expanding renewable energy use.
OSL take:
Several Sri Lanka based companies engaged in the power and energy sector have already ventures into overseas markets, especially in the African continent. However, the latest initiative announced by the Sri Lankan mission in Ethiopia would open up more avenues for more Sri Lankan companies to expand into overseas markets. Such expansions indicate the strength and growth of Sri Lanka’s private sector as well. However, foreign businesses engaged in the power and energy sector looking at doing business with countries in the African continent could now explore the possibility of forming partnerships/joint ventures with Sri Lankan companies and venture into overseas markets with renewable energy programmes. Meanwhile, Sri Lanka also has many business/investment opportunities in the country’s power and energy sector due to the looming power crisis. Therefore, foreign businesses could explore opportunities in Sri Lanka’s power sector as well.
| Article Code : | VBS/AT/06082019/Z_1 |