Sri Lanka’s President calls for 70 percent of country’s electricity to be generated from renewable energy
Sri Lanka’s President calls for 70 percent of country’s electricity to be generated from renewable energy

Sri Lanka’s President calls for 70 percent of country’s electricity to be generated from renewable energy

Sri Lanka’s President Gotabaya Rajapaksa has directed officials to draw up plans to produce 70 percent of the country’s electricity requirement from renewable energy sources by 2030.

The decision was made following a meeting with the State Ministry for Solar, Wind and Hydro Power Generation Development Projects.

“We should harness renewable energy sources as much as possible for our future generations to experience a sustainable development,” President Rajapaksa was quoted as saying in a statement issued by the President’s Media Division (PMD).

Sri Lanka has a long term generation plan developed by the state power utility company, the Ceylon Electricity Board (CEB), where cheaper thermal plants have been delayed and expensive stopgap plants are usually installed after each crisis.

A new long term generation plan is currently being developed, the media report stated.

Fears have been expressed that the connection of small renewable plants should be phased so that system stability is not undermined until investments are made to keep system stability.

President Rajapaksa had noted that projects should be approved within 14 days, and if it takes more time it should be considered as having been approved.

If projects selected through tenders do not start within three months, their licenses should be revoked, he had further noted.

The PMD statement has also noted that Sri Lanka is looking at promoting floating solar panels in rural areas. 

OSL take:

Sri Lanka is facing a power crisis and authorities are focused on addressing the issue with cheap and sustainable energy generation options. Given the target set by Sri Lanka’s President for promoting renewable energy generation options, foreign businesses/investors could explore opportunities in the country’s renewable energy generation sector. 

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Article Code : VBS/AT/20200922/Z_5

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