Sri Lanka expedites moves to meet 70% renewable energy generation target by 2030
The government of Sri Lanka has taken steps to expedite steps to achieve the target of 70% renewable energy share in the country’s power generation by 2030 in partnership with private sector investments.
The Cabinet of Ministers has granted approval to call for Expression of Interest (EOIs) from local and foreign investors to finance identified solar and wind power projects over 50 megawatts (MW).
Sri Lanka’s Government Information Department has stated that in order to achieve the renewable energy target of 70% by 2030, the existing solar power capacity of 458 MW needs to be increased by an additional 4,800 MW, while enhancing the wind power capacity of 248 MW by another 3,500 MW.
A roadmap was prepared by the ‘Presidential Task Force on Creating a Green Sri Lanka with Sustainable Solutions to Climate Change’ in March with the aim of transforming Sri Lanka’s economy into a green socio-economy with sustainable solutions to climate change.
OSL take:
The government of Sri Lanka has adopted a policy of expediting the increase in capacity of renewable energy generation in the country. This has expanded the business/investment opportunities in Sri Lanka’s power sector. The growing demand for power in Sri Lanka since the country is engaged in a development programme as well as emerging as a business destination in the South Asian region have made Sri Lanka’s renewable energy generation sector a lucrative business/investment opportunities.
| Article Code : | VBS/AT/03092021/Z_2 |