Sri Lanka Unveils $11.6 Billion Plan for Renewable Energy Growth by 2030

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March 15, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Sri Lanka is gearing up for a significant transformation in its energy landscape, with plans to attract an investment of US$11.6 billion to meet its renewable energy needs by 2030. The government is targeting a total electricity generation capacity of 5,280 megawatts (MW) from renewable sources within the next decade.

Out of the total 5,280 MW, the major focus is on solar power projects with 3,805 MW, while wind power projects are expected to contribute 1,475 MW. Additionally, it includes the development of surplus energy storage facilities, with provisions for battery energy storage systems (BESS) with a capacity of 1,100 MW, and pumped storage plants (PMP) with a capacity of 700 MW. The initiative underscores Sri Lanka's commitment to transitioning toward a sustainable energy future and meeting the country's burgeoning energy demands in line with global climate objectives.

Industrial info is tracking 82 renewable energy projects in Sri Lanka, worth US$7.37 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for a list of detailed project reports.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).