Sri Lanka’s Laugfs Gas Group to invest a further Rs. 2.5 billion to expand solar power generation capacity
Sri Lanka’s Laugfs Gas group, which supplies liquid petroleum gas, is to invest Rs. 2.5 billion more this year in expanding its solar power capacity with more plants, local media reports state.
“We plan to continue our aggressive growth strategy to 2018/19 at an investment cost of Rs 2.5 billion,” the Company has reportedly told shareholders in its annual report for 2016-17.
The investments will include two solar power projects of 10 MW and 2 MW capacities respectively.
“In addition, we are looking to extend our opportunities to wind and floating solar projects which will further diversify our renewable energy capacity,” the Company has noted.
It has further stated that its medium term goal is to increase the Company’s renewable energy portfolio to 80 MW by 2020.
The decision by the Sri Lankan company, Laugfs Gas Group, to expand its operations in solar power generation shows the capacity and opportunities for businesses to develop and thrive within the country’s economy. Also, the Company’s move to further invest and expand its solar power generation capacity indicates the opportunities for projects and investments in Sri Lanka’s renewable energy sector. With Sri Lanka expected to face a power crisis in 2020, the government is engaged in promoting renewable energy options to address the matter.
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