Highways Minister and Chairman of the cabinet sub committee to expedite renewable energy projects, Johnston Fernando says that President Gotabaya Rajapaksa has issued instructions to make arrangements to generate 5000 MW via renewable energy sources and add them to the national grid within next six years.
As a part of the new programme the approval of the cabinet sub committee has been given to India’s Adani Group to invest 500 million US dollars in developing renewable energy projects in Sri Lanka, the Minister said, adding that the Indian company is expected to invest in several more similar projects here.
The Government last Friday had signed a Memorandum of Understanding (MoU) with India’s Adani Group allocating two large-scale renewable energy generation projects in Mannar and Pooneryn in the Northern Province to the company, The Sunday Morning Newspaper reported.
Meanwhile, Minister Fernando said that the government has decided not to delay any foreign directed investments and is also determined to act severely against those who delay them.
The country’s energy requirement is increased annually by 5 to 8 percent owing to new development projects, construction of more houses and new factories. The government is of the view to cover the increased demand making use of electricity generated from renewable energy sources.
Minister Fernando said that the focus of the cabinet sub-committee is centered on selecting suitable investors from those who had expressed their willingness to invest in identified renewable energy projects, identifying new projects with higher feasibility, taking actions to reform laws and regulations in an expedite manner to remove existing legal and other barriers, uprgading the facilities used for adding the power generated from renewable energy sources to the national grid. (NewsWire)