Sri Lanka’s Power Ministry and Board of Investment to attract investors for power generation projects
Sri Lanka’s President Gotabaya Rajapaksa has called on the country’s Board of Investment (BOI) and Power Ministry to join forces to attract investments into the electricity generation sector, especially in the renewable energy generation sector.
The President’s Media Division (PMD) has stated that the President has called for expeditious implementation of projects.
As per the President’s Policy Statement, Vistas of Prosperity, by 2030 the government of Sri Lanka expects to meet 70% of the total electricity demand from renewable energy sources.
During a discussion on power generation held at the Presidential Secretariat recently, President Rajapaksa had stated that the generation of renewable energy should be carried out expeditiously in a systematic manner with short-term objectives.
“The Government aims to meet the increasing demand for energy from renewable energy sources when implementing development projects in the future. Under its first phase the wind power project installed in the island of Mannar has added 30 megawatts to the main power grid,” the PMD statement has noted.
By the end of the year 2021, this capacity will be increased to 100MW. Wind farms are also being built centering Chunnakam and Poonaryn areas. It is also planned to gradually increase the power share generated using solar power and natural gas.
The President has emphasised that the government should intervene to remove all obstacles faced by private entrepreneurs when implementing projects while providing all incentives needed in this regard. The Ministry of Power is responsible for obtaining prior approval from other institutions and awarding it to investors, the statement added.
President Rajapaksa has also stated that the BOI and the Ministry of Power should jointly take steps to explore investment opportunities and implement projects expeditiously.
OSL take:
Sri Lanka is facing a looming power crisis due to the constantly increasing demand. Therefore business/investment opportunities continue to expand in Sri Lanka’s power sector. The government of Sri Lanka is focused on the country’s renewable energy generation component creating new opportunities in Sri Lanka’s renewable energy generation sector. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka’s renewable energy generation sector.
| Article Code : | VBS/AT/22122020/Z_2 |