WindForce secures land lease for 100 MW solar project
Daily FT: WindForce PLC yesterday said that it has finalised a Rs. 50 million, 24-year land lease agreement for the 100-megawatt Rividhanavi Solar Power Project.
The agreement was signed on 10 October with the Sri Lanka Sustainable Energy Authority (SLSEA) granting WindForce a 24-year lease for land located in Kotiyagala, Siyambalanduwa, in the Monaragala District.
The total lease value for the full term is Rs. 50 million.
With the signing of the land lease, all major project-related agreements, including the Power Purchase Agreement (PPA), Implementation Agreement, and Transmission Development Contract, have now been completed, the company said.
WindForce said the project’s effective date was 10 October, signifying that all required agreements are now in place for the commencement of the Rividhanavi Solar Power Project.
OSL take:
Sri Lanka’s power industry, especially the renewable energy generation sector, has become a fast growing economic sector given the country’s ongoing economic expansion as well as the Sri Lankan government’s commitment to increase the renewable energy component in the country’s total power mix. The expanding business/investment opportunities as a result have opened a host of lucrative business ventures for foreign businesses/investors. The growth and profits recorded by businesses already engaged in the renewable energy generation sector and the interest shown by foreign businesses to enter the sector, all indicate the increasing business potential in Sri Lanka’s renewable energy sector. Along with the renewable energy generation sector there are fields related to it ranging from the development of transformers, transmission lines, etc., also in need of development, thereby presenting more opportunities for foreign businesses/investors. Given that Sri Lanka is moving from an emerging business destination in the region to become a regional hub, the country’s power industry will be on a steady growth path resulting in the renewable energy generation sector presenting a continuous line of lucrative business ventures for foreign businesses/investors.
| Article Code : | VBS/AT/20251017/Z_3 |