Energy crisis: India enhances its role here with agreement on 100 MW solar power plant

Against the backdrop of perhaps the worst ever energy crisis, Sri Lanka has finalised a Joint Venture and Shareholders’ Agreement (JVSHA) for the development of a 100 MW Solar Power plant at Sampur, Trincomalee.

The signing of the agreement took place on March 11 at the Finance Ministry here in the presence of FM Basil Rajapaksa and Indian High Commissioner Gopal Baglay. The agreement is for the Trincomalee Power Company Limited (TPCL) which is a joint venture between NTPC Limited, India and the Ceylon Electricity Board (CEB).

The signatories to this tripartite document included Narinder Mohan Gupta, Head of International Business Development, NTPC, M.M.C. Ferdinando, Chairman of the CEB; and. N.S. Ilangakoon, Vice-Chairman (CEB) and Chairman TPCL.

The Indian High Commission spokesperson said that during Finance Minister Basil Rajapaksa’s visit to New Delhi last year, both sides resolved to enhance investments from India in various sectors in Sri Lanka that would contribute to growth and expand employment.

The Sampur Solar Power Project is an important step in this direction, the official said.

The official said that the latest project demonstrated again, India’s ability to respond to Sri Lanka’s priorities in a comprehensive and mutually beneficial manner. “We will continue to encourage and facilitate the expedited and effective implementation of this project, ” the official said.

He said: “India is committed to expanding the role of renewable energy and helping build cleaner, greener and climate resilient societies. At the international level India has provided institutional solutions such as the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure for Climate Adaptation. Our cooperation with Sri Lanka in this domain will only become stronger with the implementation of the US$ 100 million Line of Credit offered by India to Sri Lanka for development of solar power projects in Sri Lanka. Similarly, there is significant interest among the private sector on both sides for cooperation in renewable energy which is likely to increase in the coming years.”