Sri Lanka’s BOI announces setting up of two more renewable energy plants in the northern Jaffna peninsula
The Board of Investments (BOI) of Sri Lanka has reportedly announced that two more renewable energy power plants are to be built in the country’s northern Jaffna peninsula with an investment of RS. 4.4 billion.
The BOI has issued a statement noting that they are among three new ventures awaiting commercial operation.
Accordingly, one wind power plant, Vayu Sakthi Vitpannar (Pvt) Ltd., has an investment of Rs. 2.2 billion and the other, Yarl Vayu Pagavan (Pvt) Ltd. has an investment of Rs. 2.2 billion.
“They will contribute 10 MW of electricity to the national grid,” the BOI statement has said.
“The contribution of these projects will reduce the dependence on electric generation by fossil fuel sources.”
The BOI has further stated that Sakthi Agro International (Pvt) Ltd., a firm making coconut fiber products, is also awaiting commercial operation.
This company is expected to use 35,000-40,000 coconut husks per day for their manufacturing process.
The project, with an investment of Rs. 72.75 million, will initially provide employment to nearly 35 people and the coco peat fiber products are to be exported to foreign markets such as the USA, Netherland, Malaysia and Japan.
OSL take:
The Sri Lankan government is engaged in developing renewable energy generation methods to address the growing demand for power in the country. The looming power crisis is in the country has resulted in the government engaged in many development programmes in the country’s power and energy sector. Sri Lanka’s BOI approving two renewable energy plants in Sri Lanka as well as a company to manufacture coconut fiber products, all in the northern Jaffna peninsula indicates an expansion in business/investment opportunities in the country’s Northern Province. Foreign businesses/investors could explore business/investment opportunities in the power and energy sector as well as Sri Lanka’s Northern Province.
| Article Code : | VBS/AT/21022019/Z_8 |