Private Sector Key to Renewable Energy Agenda - KW

Private Sector Key to Renewable Energy Agenda - Kanchana

by Staff Writer 22-03-2024 | 3:32 PM

COLOMBO (News 1st); Minister of Power and Energy, Kanchana Wijesekera, shed light on Sri Lanka's strategic approach towards enhancing its energy landscape through collaboration with India and other regional partners, emphasizing the significance of interconnectivity and the potential for renewable energy integration.

Speaking on the proposed interconnectivity with India and development partners, Minister Wijesekera underscored the importance of establishing connectivity not only with India but also with other BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) countries.

Highlighting the regional implications of such partnerships, he stressed that these connections would enable Sri Lanka to leverage its excess renewable energy potential effectively.

While acknowledging the immediate benefits of importing power to address Sri Lanka's energy needs, Minister Wijesekera outlined a broader vision for the future.

He articulated that as investments pour in and infrastructure develops, Sri Lanka aims to transition from a net importer to an exporter of renewable energy, thereby achieving energy independence.

Dispelling misconceptions about the affordability of renewable energy, Minister Wijesekera cautioned against underestimating the investment required for its integration.

He revealed that Sri Lanka anticipates needing a substantial investment of approximately $7 billion over the next six years (2024-2030) to bolster its infrastructure, particularly in transmission lines and grid development, to accommodate renewable energy requirements.

Acknowledging the fiscal constraints faced by the government, Minister Wijesekera emphasized the indispensable role of private investment in financing the necessary infrastructure development.

He underscored that while the government cannot solely bear the burden of such a significant investment, private sector involvement is crucial to realizing Sri Lanka's renewable energy ambitions.