Sri Lanka Government Offers US$1.7 bn Solar Project To Australian Firm

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  • This plant will be the largest renewable energy scheme for Sri Lanka

  • The investment aims to establish a 350-megawatt wind power plant in northern Sri Lanka

Sri Lanka Government has recently offered a solar project of US$1.7 bn to an Australian company.

Last year, Sri Lanka faced a major economic crisis with blackouts of up to 13 hours each day as power generators exhausted available funds to cover expenses related to fossil fuel imports.

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To diversify the Island’s grid, the government has tracked a number of renewable energy proposals.

“The government had approved plans to buy electricity from a proposed 700-megawatt plant to be built by Australia’s United Solar Energy”, shared Energy minister Kanchana Wijesekera.

He tweeted that the facility in the northern Kilinochchi district will be financed by $1.7 billion in foreign direct investment.

This plant will be the largest renewable energy scheme for Sri Lanka.

In February, Colombo granted approval for an investment of $442 million from India’s Adani Group, despite the group’s recent scandals. The investment aims to establish a 350-megawatt wind power plant in northern Sri Lanka. The island nation faced a severe economic crisis in the past year, leading to widespread shortages of essential items such as food, fuel, and medicines due to a depletion of foreign exchange reserves required for imports.

President Ranil Wickremesinghe, who took office after public protests against the crisis prompted the ouster of his predecessor, has committed Sri Lanka to an International Monetary Fund rescue plan to restore the nation’s finances.

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