ECONOMYNEXT – Suryashakthi (Pvt) Limited has signed a power purchase agreement for the development of a 10 megawatt Vavunathivu II solar power project in Batticaloa on Sri Lanka’s east coast.
Suryashakthi (Pvt) Limited is a wholly owned subsidiary of Solar Universe (Pvt) Limited, a joint venture between WindForce Plc, Vidullanka Plc and HiEnergy Services (Pvt) Ltd.
The Vavunathivu II solar power project is expected to attract an investment of approximately 2.2 billion rupees, Windforce said in a stock exchange filing.
Renewable energy firm WindForce, started in 2020, has power plants in Sri Lanka, Pakistan, Uganda and Ukraine.
In addition to wind power, the company has diversified into large-scale, ground and rooftop solar power generation systems and mini hydro plants, both locally and overseas.
Mini hydro developer Vidullanka, which has a power plant in Uganda, has diversified into biomass and solar.
Sri Lanka is keen to increase the renewable component of its energy generation mix to 70 percent after a currency crisis led to a fuel shortage two years ago.
The Electricity Act passed in parliament last week opens up the energy sector to more private investment, especially in wind and solar. (Colombo/Jun13/2024)