Sri Lankan government calls for swift progress on six large-scale renewable energy projects
Daily FT: Power and Energy Minister Kanchana Wijesekera has directed officials for swift progress on six major renewable energy projects.
During a meeting recently, he had reviewed the progress of initiatives slated to be completed by the end of the month, based on obtaining necessary environmental and land clearance approvals.
“Instructions were given to the officials of the Ministry of Power and Energy (MOPE), Ceylon Electricity Board (CEB) and Sustainable Energy Authority (SEA) to expedite the evaluation, approval process and power purchase agreements to have them ready by the end of the month,” he had said via ‘X’.
These six proposed projects, once operational, are anticipated to contribute a substantial 1,110 MW of clean energy to the National grid within the next three years. This significant addition to the grid aligns with the Government’s commitment to boosting its renewable energy capacity and reducing dependence on traditional fossil fuels.
OSL take:
The ongoing economic activities in the country and the growing demand for power have resulted in a host of new business/investment opportunities in Sri Lanka’s power industry, especially in the renewable energy sector. The government of Sri Lanka is focused on increasing the country’s power generation mix to reflect 70% of renewable and clean energy. With Sri Lanka working towards becoming an emerging business destination in the South Asian region, the ongoing expansion in key economic sectors and the anticipated increase in activities in the near future have all expanded the need for increasing Sri Lanka’s power generation capacity. The business potential in the country’s renewable energy sector is evident by the growth and profits recorded by local businesses already engaged in the sector. The expansion in Sri Lanka’s renewable energy sector has also attracted the attention of large-scale international businesses as well. Therefore, many foreign businesses have already entered Sri Lanka’s power industry. The expansion in Sri Lanka’s renewable energy sector has also presented a host of business/investment opportunities in the overall power industry in projects related to the increase in transmission and capacities. Foreign businesses/investors could therefore confidently explore the growing opportunities in Sri Lanka’s power industry, especially in the renewable energy sector.
| Article Code : | VBS/AT/20231121/Z_3 |