Sri Lanka to set up solar photovoltaic power plants for six grid substations
Daily FT: The Cabinet of Ministers approved the awarding of contracts for investors to establish solar photovoltaic power plants for six grid substations in Ampara, Habarana, Kosgama, Kurunegala, Pannala and Veyangoda.
The decision follows the recommendations put forth by the Cabinet-appointed Negotiation Committee, which evaluated the proposals submitted by relevant investors.
On 2 October 2023, the Cabinet approved awarding of contracts to supply 51 MW at five grid substations on build-own-operate (BOO) basis with an operational period of 20 years.
The grids will be developed under the Solar Photovoltaic Power Plant Installation Project for 70 MW with AC capacity ranging from 1-5 in 11 grid substations. It was also noted that proposals have been invited again for supply of 19 ME for the remaining six substations.
OSL take:
Sri Lanka’s power and energy industry is one of the fast going economic sectors on the country with a steadily growing demand. This demand is expected to see a further growth with Sri Lanka becoming a regional hub. The expanding business/investment opportunities in Sri Lanka’s power industry covers the renewable energy generation sector. The Sri Lankan government’s policy of increasing the country’s power mix to ensure 70% of renewable energy generation has presented a host of new business/investment opportunities. The increasing demand for power is evident by the growth and profits recorded by local businesses engaged in renewable energy generation sector. The growth and business potential in Sri Lanka’s renewable energy sector is not lost on foreign businesses/investors. Many foreign businesses like Adani Group have already expressed interest in investing in Sri Lanka’s power industry through renewable energy generation sector. Given all these developments, foreign businesses/investors could confidently explore the expanding opportunities in the renewable energy generation sector or could also look at forming collaborations with local businesses engaged in the sector.
| Article Code : | VBS/AT/20240404/Z_6 |