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Sri Lanka’s renewable energy sector to receive further assistance from ADB

Sri Lanka’s renewable energy sector to receive further assistance from ADB

The government of Sri Lanka has sought assistance from the Asian Development Bank (ADB) to achieve its targets in renewable energy generation.
Sri Lanka is currently working towards fulfilling 70% of the country’s energy sector requirements by 2030 through renewable energy, which has also been outlined in the Vistas of Prosperity and Splendor of President Gotabaya Rajapaksa. It is in this backdrop that the Sri Lankan government has sought ADB assistance to meet this target.
South Asian Region Director, Asian Development Bank Kenich Yokoyama recently met with Sri Lanka’s Minister of Power and Energy Gamini Lokuge to discuss the assistance ADB could provide to achieve the 70% renewable energy generation target.
Sri Lanka’s State Minister of Solar, Wind and Hydro Power Generation Projects Development Duminda Dissanayake along with senior Ministry officials had also participated in the meeting.

OSL take:

Sri Lanka’s power industry is a fast growing economic sector in the country given the continuously increasing demand. With the ongoing aggressive development programme covering all key economic sectors in the country and the posturing of Sri Lanka as an emerging business destination in the South Asian region, foreign businesses/investors could explore the growing opportunities in the country’s power sector. The government of Sri Lanka has adopted a policy of developing the country’s energy mix to 70% of renewable energy by 2030. This has increased the business/investment opportunities in Sri Lanka’s renewable energy generation sector.

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Article Code : VBS/AT/11102021/Z_3

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