Cabinet greenlight for proposals on renewable energy projects

COLOMBO (News 1st): The Cabinet of Ministers have approved a proposal made by the Minister of Power to call for local and foreign investors interested in financing several solar power and wind power projects.

The decision has been reached in view of the target set up by the Government to meet 70% of the country's electricity demand by 2030 through renewable energy sources, such as solar power and wind power.

In order to achieve the expected target, the existing installed solar capacity of 458 MW needs to be increased by another 4800 MW and the installed wind power capacity of 248 MW by 3,500 MW.

It was also proposed to modernize the National Transmission System so that the electricity obtained in this manner would be available to the National Transmission System.

Local and foreign investors interested in financing the relevant projects, have been encouraged to express their intentions via electronic and print media.