Investment sought for renewable power projects | Daily News

Investment sought for renewable power projects

Steps will be taken to solicit proposals from local and foreign investors for the implementation of 50MW or more of renewable power plants such as large scale solar, wind or floating solar power plants to be built on reservoirs, shallow sea wind power plants and all renewable energy projects, said Minister of State for Solar, Wind and Hydro Generation Project Development Duminda Dissanayake.

The Cabinet had recently approved the commencement of new projects for renewable energy with the participation of the private sector. However, it is mandatory for new investors to meet the requirements of the Renewable Energy Authority Act No. 35 of 2007.

The submission document can be obtained from the website of the Sustainable Energy Authority of Sri Lanka (www.energy.gov.lk) and these proposals can be sent to [email protected] or to the Secretary, Ministry of Solar, Wind and Hydro Generation Project Development, by registered mail to No. 437, Galle Road, Colombo 03 before 01.01.2021 or handed over by hand.

In order to find sustainable solutions to the rising power crisis and reaching the target of meeting 70% of the country’s power requirement through renewable energy sources and facing this issue with confidence as a country, the National System must be powered by 4800MW of solar energy and 3500MW of wind power within the 2022-2030 period, according to the President's Prosperity Vision Policy Statement. Therefore, the Government has introduced this programme as a first step in accelerating renewable energy projects for integration.

State Minister Dissanayake said that when calling for proposals from local and foreign investors to implement renewable energy projects, they should submit their proposals in accordance with the proposal format.

An Extraordinary Gazette Notification has been issued on 24/09/2021 for this purpose and it is hoped that this will encourage private sector investors to invest in renewable energy projects. He said that a committee appointed by the Ministry would consider the relevant proposals and forward them for further action.


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