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Sri Lanka moves closer to renewable energy goals with ‘Project Apollo’

Sri Lanka moves closer to renewable energy goals with ‘Project Apollo’

Daily FT: In a step towards achieving its renewable energy targets, the Ministry of Power and Energy is set to host a significant event—the signing of a Power Purchase Agreement (PPA) for the project Apollo between Ceylon Energy Ltd. and the Ceylon Electricity Board. This agreement signals the beginning of a transformative project, the construction of a ground-mounted solar plant with a generating capacity of 10MW. Ceylon Energy Ltd., stands at the forefront of this initiative.
Ceylon Energy Ltd. Chairman Madusanka Fernando had personally attended the ceremony alongside the General Manager Gratian Muththukudaarachchi. Adding to the international collaboration Representatives from Quigdao Hujintong Power Equipment Co. Ltd., (HJT) China Cai Weifeng who will serve as the equity partner of the project were also present.
This endeavour represents more than just a significant investment — it mirrors Sri Lanka’s broader vision for a sustainable future. With a total investment nearing $ 8 million, this project underscores the nation’s commitment to renewable energy and its ambition to achieve a remarkable 70% renewable energy target by 2030.
The importance of such projects cannot be overstated, particularly in the context of Sri Lanka’s energy landscape. As a nation rich in natural resources, including ample sunlight, Sri Lanka possesses immense potential for solar energy utilisation. Embracing this potential not only aligns with global sustainability goals but also serves as a catalyst for economic growth and energy security.
Ceylon Energy’s dedication to renewable energy projects exemplifies a forward-thinking approach to national development. By investing in initiatives like Project Apollo (10MW ground-mounted solar plant), they contribute significantly to the sustainable development process, ensuring access to low-cost electricity for all Sri Lankans.

OSL take:
Sri Lanka’s power industry, especially the renewable energy generation sector, has become a hotspot for business/investment opportunities. The Sri Lankan government’s decision to increase the country’s renewable energy generation capacity to 70% of the total power mix has further boosted the expansion in the renewable energy generation sector. With Sri Lanka on a growth path to become a regional hub, the demand for power would see a further increase resulting in the need for renewable energy generation to meet the demand. The profits recorded by local businesses engaged in the sector is indicative of the growth and business potential in Sri Lanka’s renewable energy generation sector. The government of Sri Lanka has also taken measures to attract and support foreign businesses/investors looking at investing in the renewable energy generation. The potential in Sri Lanka’s renewable energy generation sector is further proven by the interest shown by leading foreign players like Adani Green Energy to invest in the country’s power industry. Foreig businesses while exploring opportunities in the renewable energy generation sector could also look at forming partnerships or joint ventures with local businesses engaged in the sector in order to further expand.

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Article Code : VBS/AT/20240326/Z_4

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