Finance
Sri Lanka will sign a memorandum of understanding (MoU) with India to promote renewable energy, with the goal of generating 70% of its electricity needs from renewable sources by 2030.
The Sri Lankan Cabinet has approved a Memorandum of Understanding between the two countries on renewable energy cooperation, according to a spokesman for the Sri Lankan Cabinet.
“The government has declared generating 70 per cent of the electricity requirement by 2030 from renewable energy sources to become independent in power supply and for neutralising carbon emissions by 2050,” the spokesman added.
He stated that the Indian government has expressed a willingness to strengthen the renewable energy sector by operating and facilitating power generation through solar, wind, and biomass.
India will also provide continuous infrastructure transmission in areas agreed upon by both parties on the island, including the northern and eastern provinces, in collaboration with private and state entrepreneurs in India and Sri Lanka.
Meanwhile, the National Thermal Power Corporation (NTPC) of India and the Ceylon Electricity Board (CEB) of Sri Lanka have agreed to jointly implement a solar power project in two stages in the same location where the previous coal power generation plant, generating 135 megawatts, was planned to be established in Sampoor, Trincomalee.
“As the first stage of this project, it is expected to implement a solar power project of 50 megawatts with a total estimated investment of $42.5 million and to construct a 220 kilowatts transmission line with 40 km length from Sampoor to Kappalthure in the Eastern province spending $23.6 million and it is planned to complete this stage in two years from 2024 to 2025,” the spokesman said.
“A solar power generation plant with an additional 85 megawatts is expected to be constructed under a total investment of $72 million at the stage 2 of this project. Further to this, it has been planned to construct a transmission line of 76 km with a capacity of 220 kilowatts from Kappalthure to New Habarana in the North Central province with an estimated expenditure of $42 million in order to the distribution of electricity generated under the above stage 02,” he added.
On Friday, Sri Lanka’s Power and Energy Minister Kanchana Wijesekera met with an Indian delegation led by Pankaj Jain, Secretary of the Indian Ministry of Petroleum and Natural Gas, to discuss investment opportunities and energy sector corporation. The discussion had centered on establishing Trincomalee as an energy hub, as well as promoting renewable energy, infrastructure development, and liquefied natural gas supply.
During the discussion, Jain advocated for increased collaboration between India and Sri Lanka in the energy sector, stating that the two countries should investigate renewable energy sources as well as learn about newer molecules such as green hydrogen, ammonia, and compressed biogas.
The Indian delegation participated at the discussion included Indian High Commissioner to Sri Lanka Gopal Baglay, Deputy High Commissioner Vinod K. Jacob, Special Duty Officer of the Ministry of Petroleum and Natural Gas Esha Srivastava, Chairman of IOC Company S.M. Vaidya, Engineers India Limited Chairman Varthika Shukla, Managing Director of Petronet LNG Limited A.K. Singh, Managing Director of ONGC Videsh Limited Rajarshi Gupta, Director of Hindustan Petroleum Corporation Limited Amit Garg and officials from the High Commission of India.
Source:IANS
