The Sri Lankan government has awarded the country’s first integrated renewable energy project to a consortium led by WindForce Plc, Lakdhanavi Limited and Singapore’s The Blue Circle Pte Limited.
The renewable energy project will come up in Siyambalanduwa, Moneragala district of the Uva province. The holistic project includes a 100 MW solar power plant, a 12 MWh battery energy storage system, a 2×63.5 MVA, 132/33 kV grid substation, and a 27-km, 132/33 kV transmission line. WindForce is Sri Lanka’s largest renewable energy developer while Lakdhanavi, a subsidiary of LTL Holdings Sri Lanka, is the country’s first and largest independent power producer. The Blue Circle is an investment firm focused on renewable energy. The consortium secured the contract following a competitive bidding process initiated in August 2022 followed by closure of bids in December 2022. The project is part of the country’s aim to boost its renewable energy generation share to 70 per cent by 2030 from 50 per cent presently. It was also the first project to be approved under the country’s renewable energy plan’s first phase (2023-26), which aims to add 2.5 GW to be followed by another 3 GW under the second phase (2027-30). The USD152 million project cost will be financed by a 70:30 debt-equity ratio. The Blue Circle will take up 70 per cent of the equity component, with the balance equally shared by WindForce and Lakdhanavi.