Feb 07, 2017 (LBO) – Three companies through a Japanese consortium plan to invest 15 million dollars in a solar power plant in Sri Lanka.
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The project is in partnership with TAD Lanka Investments, the local facilitator and Sierra Technology Holdings is the local EPC partner.
“The target is to establish the project within a maximum time frame of eighteen months, which depends entirely on the government’s willingness to issue Standard Power Purchase Agreements (SPPA) to the potential investors,” Atheeq Ansar, chief executive of TAD Lanka Investments said.
“The areas earmarked are Mannar, Monaragala, Putlum or Hambantota and this will be decided only once the approvals come through.”
Shibatasyoji Co., Ltd., Sawada Co. Ltd., and WQ Inc, the three Japanese companies have extensive expertise in establishing solar power plants in Japan, the promoters said.
The signing ceremony took place this month between the Japanese consortium and the two local entities with the initial commitment of establishing a 10 MW solar power plant and an added pledge to invest in 100MW solar power plant in future.
“This project will set the benchmark for future projects of this calibre in Sri Lanka paving the way to meet the impending power crisis and we are willing to give our unstinted support towards reaching success in this field,” said a representative of the Japanese Consortium.
“TAD Lanka Investments is proud to be involved in this gigantic venture which provides the country with stability and certain growth in the technology that promotes the usage of sustainable and renewable energy. It also addresses the crisis at hand, while opening variable opportunities for further investment to Sri Lanka in this area,” Ansar added.
The Japanese experts conducted extensive research concluding that Sri Lanka is one of the most viable countries for solar power. In addition, the Government’s announcement in 2015 vesting its interest to establish a series of solar power plants in the country gave it the needed boost in laying the groundwork for this project, the company said.
With the government focusing on securing more FDIs to the country, encouraging such projects will benefit Sri Lanka in the long term and encourage more investors to follow suit, the company said.