News
Now is the most opportune moment to invest in Sri Lanka’s renewable energy sector – President
President Ranil Wickremesinghe highlighted the present as an opportune moment for investing in Sri Lanka’s renewable energy sector, expressing confidence in its potential to yield substantial benefits for both stakeholders and consumers in the coming decades.
The President also underscored that investors venturing into this sector can anticipate a comprehensive and unwavering policy framework in the realm of renewable energy.
President Ranil Wickremesinghe made these remarks during his address at the “Green Technology Forum” convened on January 15 in Davos, Switzerland. The event was coordinated by the Swiss-Asian Chamber of Commerce.
Speaking on the theme of “Paving the way to an energy secure Sri Lanka,” President Ranil Wickremesinghe highlighted the substantial potential of Sri Lanka’s renewable energy sector. He further outlined the government’s initiatives over the past two years to establish an investment-friendly environment in the renewable energy sector.
Emphasizing Sri Lanka’s dedication to addressing climate change, the President elaborated on various measures, including the “Tropical Belt Initiative,” presented at the COP28 conference in Dubai.
Highlighting Sri Lanka’s commitment to sustainable and green development, the President emphasized the nation’s ambitious plans and determination to achieve net-zero emissions by 2050.
President Wickremesinghe underscored the pivotal role of the rapid renewable energy plan, describing it as a key component of Sri Lanka’s comprehensive efforts towards sustainable development and a crucial step in ensuring energy security.
Following is the full speech delivered by President Ranil Wickremesinghe at the Green Technology Forum in Davos, Switzerland.
I thank the Swiss Asian Chamber of Commerce and their partners in organising this event for the invitation to speak today.
Background: Green Energy and Climate Concerns
There is an urgent need for acceleration of global actions towards climate change mitigation. There have been multiple global forums which have resulted in numerous commitments towards this end. However, actions have fallen drastically short of commitments.
The fallout of this failure in global leadership is borne largely by developing nations of the global south. When periods of drought extend beyond normal, undermining agricultural production, our food security is in jeopardy. When hydropower gets disrupted due to delayed monsoons, our energy security is in jeopardy. Droughts are often followed by a deluge, leading to flash floods and landslides, disrupting lives and livelihoods of under-privileged communities in particular.
It is very evident that there is a disproportionate impact of the adverse outcomes of climate change on developing countries. This brings to light the issue of climate justice and the need for a stronger contribution from the advanced economies towards adaptation and mitigation efforts in the global south.
That being said, Sri Lanka will forge ahead with its efforts towards climate mitigation. We have also recently launched the Tropical Belt Initiative at the COP28 in Dubai – this creates a framework for catalysing private investment in forests, energy, oceans, mangroves, in the countries of the tropical belt.
Today I want to focus on one key aspect of such efforts, which is our drive towards renewable energy.
Renewable Energy in Sri Lanka: Building on History
In fact, Sri Lanka is a country with a long history of renewable energy. Since independence Sri Lanka developed an extensive network of hydropower, commissioning its first major hydro-power plant in 1950. Hydropower was able to provide for most of the country’s energy needs until the 1990s. Even today, hydropower accounts for around 40% of Sri Lanka’s installed electricity generation capacity.
With hydropower largely exploited to the optimal levels, there has been an increased effort to include wind and solar power generation to the national grid. The government is now accelerating this process to ensure that by 2030, 70% of Sri Lanka’s electricity needs are fulfilled by renewable energy sources.
To reach this target requires a large investment of up to USD 11.5 billion. However, until recently the framework for private investment in the renewable energy sector has not been very conducive. Over the last 2 years several measures have been taken by the government to correct these shortcomings and ensure an optimal investment climate for renewable energy is in place.
Financial Reform
The first step was to ensure cost reflective pricing. Between 2014 and 2022 electricity tariffs had not been adjusted. This resulted in major cash flow problems for the Ceylon Electricity Board that sometimes led to payment delays to power suppliers. However, from August 2022 we have shifted to a cost-reflective pricing structure. Accordingly, electricity tariffs are revised every quarter to reflect costs on a forward looking basis.
The CEB, which has long been a loss making entity, returned a profit in 2023, enabling it to settle significant levels of past debt along with some balance sheet structuring. The company now has a strong balance sheet, a far stronger cash flow position, and a pricing structure that ensures liquidity.
Rigidities in the feeding tariff has also been a concern of past investors. However, this has also been addressed with greater flexibility being introduced to the tariff options, including choices between fixed tariff and variable tariff formulas.
In addition to internal reform, we are also putting in place the framework to attract green financing. Sri Lanka has developed the Road Map for Sustainable Finance, Green Finance Taxonomy, the SDG Investor Map and the Green Bond Framework, that is currently under formulation, creates the enabling environment for Sri Lanka to have a robust engagement in climate finance. The availability of sustainable finance will be an added boost for renewable energy investments in Sri Lanka.
Legislative Reform
There have also been legislative barriers to large scale private investment in the renewable energy sector. Those legal hurdles have also been cleared through necessary amendments to the Electricity Act introduced in 2022.
Institutional Reform
Thirdly, the government is in the final stages of implementing unbundling of the Ceylon Electricity Board. This will result in greater financial and operational autonomy for the distribution, generation, and transmission arms of the CEB, resulting in competition and transparency. Whilst private participation in generation is already available, the unbundling process will open up opportunities for private participation in distribution as well.
This major reform, implemented with the support of the Asian Development Bank, will ensure the CEB operates at the frontier of efficiency, delivering the best outcome for consumers and the most competitive and efficient producers of electricity. The draft legislation for this reform was already been published last month.
Infrastructure Improvements
The ambition of 70% electricity from renewals also requires improved system efficiency and upgrades to integrate more renewable energy, particularly from 2026. Investments will be required in storage, transmission, and distribution, along with the ongoing private investments in generation. Plans for this integration up to 2030 are in place and have begun implementation.
Future Outlook
Following the major reforms implemented in the energy sector in the last 2 years, there has been renewed interest in this sector. There are already large scale solar and wind power projects that have commenced implementation. A major Indian player has commenced implementation of a 350MW wind power plant that is expected to be commissioned in 2025. The same player is considering a further USD 750 million investment in wind power.
Wind power is a major opportunity for Sri Lanka. A recent World Bank report indicates that off-shore wind power in particular has the potential to generate power far greater than Sri Lanka’s requirements. Considering this, Sri Lanka and India are in advanced stages of talks regarding grid inter-connection to enable Sri Lanka to export surplus electricity particularly to the fast growing industrial belt in the Southern part of India. There is also tremendous potential for the development of green hydrogen in Sri Lanka.
Conclusion
Sri Lanka has ambitious plans to fulfil its sustainable, green development agenda. By 2050 the country has committed to achieving net zero. The accelerated renewable energy plan is a key component of this overall effort and is also an essential step on the path towards energy security. Renewable energy will also drive down costs of generation since at present Sri Lanka is compelled to rely on high cost heavy fuels during the dry season. Sri Lanka is in the process of establishing an international climate university, which will continue to unlock opportunities in green energy.
It is clear that Sri Lanka’s renewable energy policy direction is underpinned by multiple motivations and drivers. Therefore investors can expect a high degree of policy continuity in this sector going forward as well. This is the best time to invest in Sri Lanka’s renewable energy journey, and I have no doubt such investments will generate significant value for shareholders and Sri Lanka’s consumers over the next several decades.
News
Election monitors flay JVP for postponing PC polls
Election monitors have strongly condemned JVP General Secretary Tilvin Silva’s Jaffna declaration that the long-delayed Provincial Council polls couldn’t be held this year due to financial and legal impediments. Silva said so after declaring open a new NPP coordination office, in Jaffna, over the last weekend.
People’s Action for Free and Fair Elections (PAFFREL), and the Institute for Democratic Reforms and Electoral Studies (IRES), said that Tilvin Silva, in his capacity as the General Secretary of the main constituent of the National People’s Power (NPP), couldn’t make such a declaration under any circumstances.
PAFFREL head Rohana Hettiarachchi and IRES Chief Manjula Gajanayake emphasised that the JVP-led NPP government should be ashamed of the developing situation.
Hettiarachchi said that Tilvin Silva’s statement has to be examined against the backdrop of a parliamentary committee, headed by Foreign Minister Vijitha Herath, tasked to determine the electoral system under which PC polls should be conducted.
Alleging that the JVPer had made the parliamentary committee irrelevant, the civil society activist said that the whole exercise of appointing the Herath-led committee now seemed a farce. The JVP’s ruse to put off PC polls further reminded the country of a similar bid made by President Ranil Wickremesinghe, Hettiarachchi said, asserting that a government couldn’t postpone any poll, claiming it didn’t have the wherewithal.
Hettiarachchi emphasised that conducting elections was the responsibility of the government of the day. PC polls have been delayed for nearly one and half decades. Hettiarachchi said that as the NPP won the parliamentary election in November, 2024, it should be held accountable for further delaying the PC polls since then.
Responding to The Island queries, Hettiarachchi said that the JVP’s move couldn’t be justified, under any circumstances. If the NPP felt that the PC system was not required then urgent action must be taken to initiate a dialogue regarding the PC system and remove it through necessary constitutional means, he said.
Hettiarachchi alleged that the JVP, having gained political power, was now following the despicable agenda of the previous political parties which sought to hold onto power at the expense of the democratic rights of the people. The JVP proved that they were not different from those who were routed at the last presidential and parliamentary polls, the PAFFREL chief said.
Tilvin Silva’s unexpected Jaffna statement contradicted their election manifesto that promised to conduct both Local Government and PC polls in 2025.
Gajanayaka said since 1998 there had been several Supreme Court and Court of Appeal rulings regarding the PC polls due to reluctance on the part of some governments to conduct polls for obvious reasons. Referring to Tilvin Silva’s declaration that money allocated for the conduct of elections were utilised for Ditwah relief, Gajanayake emphasised the need to verify such claims. Gajanayake suggested that there should be provision to conduct a forensic study to find out whether Treasury had the required funds or the government lied.
Gajanayaka said that though the JVP was the dominant party, it would be interesting to know the opinion of Dr. Nihal Abeysinghe, General Secretary of the NPP. President Anura Kumara Dissanayake is the leader of both the JVP and the NPP.
The JVP Jaffna declaration couldn’t be accepted, Gajanayake said, adding that the JVP never really backed the PC system, though it contested them later after having waged a bloody insurgency against the Indian introduced set-up. Gajanayaka recalled the violence unleashed by the JVP in the wake of the Indo-Lanka accord of July 29, 1987, under which the then Congress government forced Sri Lanka to enact the 13th Amendment to the Constitution.
By Shamindra Ferdinando
News
SL exports exceed USD 5.7 bn in first four months of 2026
The Sri Lanka Export Development Board (EDB) says Sri Lanka’s total exports, comprising merchandise and services, reached US$ 1,380.93 million in April 2026, recording a year-on-year growth of 6 % compared to the previous year.
The EDB in a statement has said that the positive export performance recorded during the first four months of 2026 highlights the resilience of Sri Lanka’s external sector. Sustained export earnings, supported by stable merchandise trade and the growing contribution of services exports, indicate a steady and encouraging recovery trajectory for the Sri Lankan economy in 2026.
Commenting on the export performance in April 2026, Mangala Wijesinghe, Chairman and Chief Executive Officer of the Sri Lanka Export Development Board (EDB), has said: “Sri Lanka’s export sector continued to demonstrate resilience in April 2026, with total exports reaching US$ 1,380.93 million, recording a year-on-year growth of 6 % compared to April 2025. Merchandise exports recorded a notable increase of 9.87%, while services exports continued to make a significant contribution to overall export earnings, reflecting the growing importance of the services sector within the country’s export portfolio.
News
Easter Sunday carnage: Court told Maulana’s statement cannot be accepted without cross-examination
Retired Maj. Gen. Suresh Sallay’s Counsel Shavendra Fernando, PC, recently told Colombo Fort Magistrate Pasan Amarasena that Mohammed Milhilar Mohammed Hanzeer alias Azad Maulana’s statement that implicated his client in the 2019 Easter Sunday carnage couldn’t be accepted as evidence in a court of law without cross-examination.
Fernando also reminded the court that a warrant had been issued in respect of Maulana, one-time aide to Sivanesathureyai Chandrakanthan, alias Pilleyan, over a case of bigamy.
The Criminal Investigation Department (CID) in late February this year arrested Sallay, who served as the Director of State Intelligence Service (SIS)s from Nov. 2019 to early Oct. 2024, just weeks after the National People’s Power (NPP) won a 2/3 majority at the parliamentary election. President Anura Kumara Dissanayake brought in DIG Dhammika Kumara as Sallay’s successor. Sallay previously served as the head of the Directorate of Military Intelligence (DMI) from 2012 to 2016.
Making submissions to the court after Additional Solicitor General (ASG) Dileepa Peiris, Fernando emphasised that a court of law couldn’t act on a statement submitted through a third party as it couldn’t be relied upon.
At the onset of his submissions, the retired officer’s Counsel declared that he was making submissions before the court and not for the media.
The crux of the matter was whether Maulana, a fugitive from Sri Lanka law, whose statement, recorded by a team of CID officers, led by its Director SSP Shanie Abeysekera, at the Sri Lankan mission, in Paris, could be accepted without cross-examination.
The Attorney General’s Department and the suspect’s Counsel explained their position with regard to producing Sallay, detained under the Prevention of Terrorism Act (PTA) in court.
The ASG requested that an order, issued by the Colombo Fort Magistrate court to produce Sallay in court, be vacated. Responding to the ASG’s statement that there was no provision to produce a person detained under PTA, in court, the President’s Counsel pointed out that no existing provision denied such an opportunity. The retired officer’s Counsel said that it was the Magistrate’s prerogative.
Alleging that there was an ongoing attempt to derail the Easter Sunday investigation, the ASG opposed an opportunity for Sallay to make a statement in court in terms of the Section 127 of the Code of Criminal Procedure. Fernando emphasised that Salley should be given the opportunity.
Fernando also strongly opposed the ASG’s move, on behalf of the Attorney General, to have an earlier order issued by court, to ensure Sallay received unhindered access to his lawyers, vacated. He questioned how the Attorney General, who heads the Bar, could deny the right of lawyers to have free access to their clients.
Magistrate Amaraseena told the court that a report on Sallay’s health has been received by the court. Fernando has said that he would respond once he received a copy.
During cross talk among lawyers, President’s Counsel Fernando has asked Rienzie Arsularatne, PC, who appeared for the Archbishop of Colombo, Malcolm Cardinal Ranjith, whether the Cardinal had approved and condoned the inhuman conditions in which Sallay was held in a 6X4 rat-infested cell.
ASG Peiris responded jokingly that Fernando might be excommunicated by the Cardinal. Fernando has pointed out that only the Pope could excommunicate and that the Cardinal administered the churches and priests and that, too, only in Colombo.
Based on the statement recorded from Maulana, the CID submitted a 14-page report to the Colombo Magistrate’s court, declaring Sallay as the 2019 Easter Sunday terror mastermind.
Maulana repeated accusations, aired by Channel 4 TV in a documentary “Sri Lanka’s Easter bombings” in its “Dispatches” programme on Tuesday 05, September ,2023.
According to Maulana’s statement recorded in Paris, Seyani Maulavi, an associate of Zahran Hashim, had got in touch with former Eastern Province Chief Minister Pilleyan, in the Batticaloa Prison, where both were held.
Pilleyan had been arrested in connection with the alleged involvement in the assassination of ITAK MP Joseph Pararajasingham on Christmas Eve, in 2005, in Batticaloa, while Maulavi was apprehended over a clash at Aliyar junction, in the east.
Maulavi has reiterated that Sallay met six persons, including Zahran Hashim, at Karadippooval, in Puttalam, in 2018.
The statement claimed that immediately after the Easter suicide blasts, Sallay directed Maulana to pick Jameel, who had been assigned to bomb Taj Samudra, but didn’t do so, and to collect his hand phone. Visits by Mahinda Rajapaksa, Basil Rajapaksa and Namal Rajapaksa to the Batticaloa Prison to meet Pilleyan, too, had been mentioned with Maulana claiming that the visitors gave Pilleyan an assurance he would be released within six months from Gotabaya Rajapaksa’s victory at the 2019 November presidential election.
The CID told court that Gotabaya Rajapaksa, soon after winning the election, appointed Sallay as SIS head to protect the secrets, and the DMI paid Rs 250,000 bail for Maulavi. The CID also alleged direct DMI-Pilleyan link in the abduction of journalist Keith Noyahr, in May 2008, Lasantha Wickrematunga assassination, in January, 2009, attack on Rivira Editor Upali Tennakoon, in January, 2000, and in the disappearance of Prageeth Ekneligoda, on the eve of the 2010 January presidential election.
Another major allegation was that approximately 2,000 men, under Pilleyan’s command, were paid a monthly salary.
The Magistrate, at the end of the proceedings, declared that a decision regarding Sallay being brought to court and an opportunity for him to make a statement would be announced on July 1.
By Shamindra Ferdinando
-
Features6 days agoOctopus, Leech, and Snake: How Sri Lanka’s banks feast while the nation starves
-
Sports6 days agoSri Lanka women’s volleyball team ready for Central Asian challenge
-
Opinion5 days agoMurder of Ehelepola family, Bogambara Wewa and Sightings of Wangediya
-
News5 days agoSteps underway to safeguard Sri Lanka’s maritime heritage
-
Business4 days agoHistoric launch of CCWE Fashion Week & International Summit 2026
-
Features2 days agoThe NPP’s pivot to the past
-
News1 day agoPolice probe underway to ascertain links between criminals deported from UAE and local politicians
-
Editorial5 days agoA play without its protagonist
