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P.B. invites investments into renewable energy

22 Nov 2021

  • Says GoSL plans to add 2,000 MW from RE
  • Move expected to cut down expenditure on coal imports
By Imsha Iqbal Secretary to the President Dr. P.B. Jayasundera invited both local and foreign direct investments into the renewable energy (RE) sector in Sri Lanka, addressing the business community last Monday (15). “We invite you to invest (in the renewable energy sector). We invite foreigners (foreign companies) as well,” he said, adding that the Government of Sri Lanka (GoSL) is looking forward to generating 2,000 MW of renewable energy in another two to three years. Dr. Jayasundera made these remarks during his address on “The Future of the Sri Lankan Economy” at the Colombo Development Symposium. He said that renewable energy generation can be developed even at school buildings and public places, and encouraged investment inquiries to be used for renewable energy in terms of electricity generation. Meanwhile, Sri Lanka has the potential to be established in the renewable energy sector, as the country has the resources – solar, water, wind, etc. – needed for its industrial establishment, Dr. Jayasundera pointed out. The Colombo Development Symposium was followed by a panel discussion comprising Treasury and Ministry of Finance Secretary S.R. Attygalle, Asian Development Bank (ADB) Country Director for Sri Lanka Chen Chen, World Bank (WB) Country Manager for the Maldives and Sri Lanka Chiyo Kanda, Information and Communication Technology Agency (ICTA)  Chairman Oshada Senanayake, and Sri Lanka Apparel Brands Association (SLAEA) Chairman Lalantha Watudura. Sri Lanka’s per capita energy consumption is 636.3 kilowatt per hour (kWh), one of the highest in the South Asian region, where India’s per capita energy consumption is a little more than that of Sri Lanka, standing at 644 kWh. Pakistan, Nepal, Afghanistan, and Bangladesh are behind Sri Lanka with significant differences in per capita energy consumption. The country’s energy demand is being catered to mostly by fossil fuels. In terms of the indigenous non-fossil fuel energy sources, biomass power accounted for about 39% of the total energy production in 2015, while large hydropower accounted for 9% and new renewable energy (solar, small hydropower, and wind) accounted for 3% of the total energy production.


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