A Joint Venture and Shareholders’ Agreement (JVSHA) for the Trincomalee Power Company Limited (TPCL), a venture between NTPC Limited of India and the Ceylon Electricity Board (CEB) to develop a 100 MW solar power plant at Sampur in Sri Lanka was signed at the Finance Ministry on Friday, a media release from the Indian High Commission stated yesterday.
Finance Minister Basil Rajapaksa and High Commissioner of India to Sri Lanka, Gopal Baglay, Power Minister Pavithra Wanniarachchi, Aviation and Development of Export Zones State Minister D.V. Chanaka and Solar, Wind and Hydro Power Generation Projects Development, State Minister Duminda Dissanayake were present. The signatories to the tripartite document included Head of International Business Development, NTPC, Narinder Mohan Gupta, Chairman, CEB, M.M.C. Ferdinando, Vice Chairman, CEB and Chairman, TPCL, N.S. Ilangakoon.
During Finance Minister Basil Rajapaksa’s visit to India last year, both countries 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 media release stated.
The release added that India was committed to expand the role of renewable energy and help build cleaner, greener and climate resilient societies and will continue to ‘facilitate effective implementation’ of this ‘mutually beneficial’ project in Sri Lanka.
The Indian Government has offered a US$ 100 million line of credit to Sri Lanka to develop solar power projects. 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.