Sri Lanka’s Power Minister inaugurates 2 MW Ground Mount Solar Project in Batticaloa
Daily FT: Power and Energy Minister Kanchana Wijesekera has unveiled a 2 MW Ground Mount Solar Project in Batticaloa.
The project, which was part of the 90 MW Ceylon Electricity Board (CEB) tendering process, was successfully constructed and commissioned by BackBay Solar Ltd.
It aligns with the Government’s vision of increasing the share of renewable energy in the National Grid and mitigating the adverse effects of climate change. Sri Lanka aims at adding up to 2,800 MW of renewable energy into the National Grid by 2025. At present, renewable energy generation has not exceeded at least 1,000 MW.
OSL take:
Sri Lanka’s power industry, especially the renewable energy generation sector, has become a hotspot for business/investment opportunities given the overall economic activities in the country and the growing demand for power and energy in the country. The Sri Lankan government’s commitment to increasing the country’s power generation capacity to 70% of the country’s power mix has opened up many business/investment opportunities in the renewable energy generation sector. The growth and profits recorded by local businesses engaged in the renewable energy generation sector are indicative of the growing business potential in this sector. It is this reason that many foreign businesses like Adani Group have expressed interest in investing in renewable energy generation projects in Sri Lanka. Foreign businesses/investors could therefore explore the expanding opportunities in the local renewable energy sector. The increasing demand in the sector could also make way for foreign businesses/investors to explore forming collaborations with local businesses engaged in the renewable energy generation sector with the aim of further expansion.
| Article Code : | VBS/AT/20240319/Z_3 |