Hambantota has one of the highest levels of Annual Global Horizontal Irradiation (GHI) in Sri Lanka and this was one of the main reasons for LOLC Group Company and Sagasolar Power to open the first ever Utility Scale Solar Power plant in Sri Lanka.
“At LOLC, we believe our achievements in sustainability are more than fulfilling a responsibility, or a feather in our cap; it is embedded in our business model, and has made us who we are today. In the recent years,
Renewable energy has gained prominence in the Sri Lankan economy and LOLC Group is poised to play a key role in enhancing our commitment in environmental stewardship,”LOLC Group Deputy Chairman Ishara Nanayakkara said.
After energising, the project will supply around 20 GWh, which will be sufficient to provide the annual electricity needs of around 15,000 typical Sri Lankan homes.The project will also reduce carbon dioxide emissions from power generation in the national electricity system by a margin of 11,000 tonnes per year.
The development of this landmark plant is in line with Sri Lanka’s National Energy policy, which has the key focus of converting fossil fuel used in Electricity Generation to Sustainable Renewable Sources. Sri Lanka’s renewable energy journey began with Hydro power, supplemented by wind power, where this landmark project, has now embarked on generation through Solar Power, is arguably the most abundant and sustainable energy resource available in the country. The plant based in Baruthankanda, Hambantota has the capacity to produce 10 megawatts of power that will be supplied to the National Grid. Sagasolar is a subsidiary of the LOLC Group and is a collaboration with Faber Capital Limited.
| LOLC Group Deputy Chairman Ishara Nanayakkara with Power and Renewable Energy Minister Ranjith Siyambalapitiya and Deputy Minister, Ajith P. Perera and senior officials at the event. Pictures by Saliya Rupasinghe |
The power plant was opened by Power and Renewable Energy Minister Ranjith Siyambalapitiya, and Deputy Minister Ajith P. Perera.
Faber Capital Limited is a boutique investment Bank which specializes in the implementation and financing of renewable energy projects in Asia, Africa and the Middle East.
Dilshan Hettiaratchi, Managing Director of Faber Capital said, “We are indeed honoured to be involved in the development of Sri Lanka’s first Utility Scale solar project.
Generation of Energy from Solar power is the next frontier in Sri Lanka’s energy generation journey. The country has successfully harnessed sustainable resources for generation of energy needs for over half a century.”
“The main resources used were Hydro, with Wind supplementing generation capacity over the last decade. With this exciting project, Solar has also been introduced to the generation mix.
“We at Faber Capital invested in this landmark project over a year ago and combined the implementation and financing elements required to complete the project.”
He said though the return on investment is slow (15% per annum) maintained is not very expensive. “We only need to wash the 48,000 panels twice a month.”
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