Sri Lanka races to meet 70% renewable energy target
The Morning: Sri Lanka needs to accelerate the development of renewable energy and the expansion of transmission infrastructure to meet its target of generating 70% of electricity from renewable sources by 2030, Sri Lanka Sustainable Energy Authority (SLSEA) Chairperson Prof T M W Bandara said on 7 September.
Speaking at a consultation session on the Interim Report (2027–2029) of the Long-Term Power System Development Plan 2027–2046 at the BMICH, Prof Bandara said: “Sri Lanka has ample renewable energy resources, particularly in hydropower, wind power and solar power. The country was late in adopting certain technologies in the past that cannot be addressed now. But, at the moment, we should be fast to tap those renewable energy resources to achieve the target of generating 70% of electricity from renewable sources by 2030.”
“Also, the energy generated should be integrated into the national grid, while also driving other sectors, including transport and cooking, as a transition towards renewable energy development and transmission expansion forming key components of the country’s long-term electricity plans,” he said.
According to the Export Development Board (EDB), Sri Lanka’s renewable energy development has progressed from early mini-hydro initiatives to larger-scale projects, supported by the expansion of the national grid and the development of institutional frameworks. By 2024, the country had achieved 63.2% renewable electricity capacity.
In accordance with the National Policy on Renewable Energy, under the The Sri Lanka Sustainable Energy Authority Act No. 35 of 2007,the progress has provided a foundation for Sri Lanka’s target of generating 70% of its electricity from renewable sources by 2030, while the country has set a longer-term vision of achieving 100% renewable power by 2050, which serves as the overarching benchmark guiding the interim plans for 2027 through 2029, stated by the Public Utilities Commission of Sri Lanka (PUCSL), in accordance with the SLSEA.
The financing challenge is particularly significant in expanding access to off-grid solar energy. According to the Asian Development Bank (ADB), achieving universal access through the off-grid solar sector would require an additional $ 6.6 billion to $ 11 billion in financing.
“Given Sri Lanka’s abundant renewable energy potential, now actually, the Government is also making maximum efforts under the long-term generation plan to develop transmission lines needed to tap and utilise these resources,” Prof Bandara said.
OSL take:
Sri Lanka’s push to rapidly expand renewable energy is creating a growing pipeline of business/investment opportunities for foreign businesses/investors across power generation, transmission and related technologies. The country is targeting 70% renewable electricity generation by 2030, with hydropower, wind and solar identified as key resources. Achieving this target will require accelerated investment not only in generation capacity but also in transmission infrastructure capable of integrating new renewable power into the national grid. Sri Lanka has established a foundation for further expansion of renewable energy and the longer-term ambition of achieving 100% renewable power by 2050 provides an even broader investment horizon. For foreign businesses/investors, opportunities are emerging in utility-scale solar and wind projects, energy storage, grid modernisation, transmission infrastructure and renewable-energy technologies. The transition of transport and cooking towards cleaner energy could also create new markets. As Sri Lanka moves to strengthen energy security while reducing dependence on conventional fuels, its renewable energy sector is increasingly positioned as a strategic destination for foreign capital, technology and long-term infrastructure investment.
| Article Code : | VBS/AT/20260914Z_3 |