Sri Lanka seeks global collaborations for energy sustainability
By: Staff Writer
Colombo (LNW): Sri Lanka is seeking transformative partnerships to thrust its trajectory towards energy sustainability.
The recent meeting between President Ranil Wickremesinghe and a World Bank delegation revealed a broadened discourse that extends beyond conventional boundaries, encompassing ports, trade, and crucially, support for initiatives in digitalization, renewable energy, and education.
The prospect of establishing power grid connections involving India, Sri Lanka, Bangladesh, and Nepal emerged as a beacon of hope in the pursuit of a sustainable energy future.
Critical to Sri Lanka’s success in this transformative journey is the collaboration with international partners who not only understand local dynamics but also contribute to the country’s economic growth.
The Adani Group, the Indian conglomerate with a global footprint, has emerged as a noteworthy example. Renowned for its collaboration in developing large-scale projects worldwide, from Australia to Indonesia and Africa, the group aligns seamlessly with Sri Lanka’s development ambitions.
The Adani Group is presently involved in wind power initiatives in the Northern region of Sri Lanka.
Upon completion, these projects are expected to produce 1,498 gigawatt-hours per annum (GWh/year) of clean, affordable and sustainable energy, contributing to a decrease in Sri Lanka’s dependence on fossil fuels.
Moreover, the ventures are expected to attract significant investment on a large scale, bringing in substantial foreign exchange exceeding $732 million.
Furthermore, the projects will contribute to reducing ~1 million tons of CO2 emissions annually, thereby, enabling the country’s decarbonization goals.
The Adani Group’s significant investment of $700-$750 million in the Colombo West International Terminal at the Port of Colombo exemplifies its commitment to catalysing transformative change.
The recent announcement by the U.S. International Development Finance Corporation (DFC) to provide financial support amounting to $553 million to Colombo West International Terminal Pvt. Ltd. (CWIT), a consortium of Adani International Ports Holdings., John Keells Holdings (JKH) and the Sri Lanka Ports Authority, further solidifies the collaborative efforts from Port of Colombo’s infrastructure development perspective.
Sri Lanka’s ambitious target of achieving 70% domestic electricity from renewable sources by 2030, with a long-term vision of complete reliance on renewable energy by 2050, underscores the nation’s commitment to environmental stewardship.
The Ceylon Electricity Board (CEB), a cornerstone of Sri Lanka’s energy economy, plays a pivotal role in this transition. Operating in both primary and secondary energy provision, the CEB needs reliable international partners given the critical nature of the sector.
Independent Power Producers (IPP) like Adani Energy, with its track record of timely fulfillment of contractual obligations, financial stability, and commitment to sustainability, emerges as a top-tier candidate in Sri Lanka’s energy sector.