Business
‘Sri Lanka’s renewable energy sector faces severe financial strain as LKR 10 billion in dues remain unpaid’
The Federation of Renewable Energy Developers (FRED) called for urgent government intervention to address a deepening financial crisis in Sri Lanka’s renewable energy sector, following prolonged payment defaults by the National System Operator (Pvt) Limited (NSO) for power already supplied to the national grid. Payments to renewable energy developers have reportedly been suspended since December 2025, with outstanding dues now reaching approximately LKR 10 billion.
The concerns were raised at a press conference hosted by FRED at the Ground Floor Auditorium of The Ceylon Chamber of Commerce, bringing together renewable energy developers and key industry stakeholders to highlight the scale of the issue and its implications for energy security, investor confidence, employment, and the wider financial system.
According to FRED, the payment delays are affecting close to 400 small and medium-scale renewable energy developers and entrepreneurs operating across ground-mounted solar, mini-hydro, wind, biomass, and other renewable energy segments. The affected capacity exceeds 1,000 MW, covering 389 plants with a combined installed capacity of 1,073.9 MW.
FRED noted that renewable energy developers have continued to supply power to the national grid despite the suspension of payments, placing severe pressure on working capital, debt servicing, plant maintenance, and salaries. The Federation warned that continued non-payment could lead to rising non-performing loans in the banking sector, disruption to renewable energy operations, and a gradual reduction in available clean power capacity.
The Federation also raised concerns over the prioritisation of payments for thermal power generation at a time when renewable energy developers remain unpaid. It noted that the cost of thermal generation has increased sharply, while renewable energy producers, who provide comparatively lower-cost and cleaner power, are facing serious liquidity constraints.
FRED stated that this situation has broader implications beyond the renewable energy sector. If unresolved, the crisis could weaken investor confidence in future renewable energy tenders, increase the perceived risk of investing in state-linked energy projects, and undermine Sri Lanka’s long-term clean energy targets.
The Federation called on the Government of Sri Lanka, the Ministry of Finance, the General Treasury, and relevant authorities to take immediate steps to resolve the outstanding payments. It urged Treasury intervention, the allocation of funds specifically for renewable energy developer payments, and a Cabinet-level directive to expedite financial solutions before the sector faces widespread defaults.
FRED emphasised that timely payment for power already supplied is essential to maintain operational continuity across the renewable energy sector and to safeguard the livelihoods connected to it, including technical staff, engineers, electricians, mechanics, administrative employees, and other workers.
The Federation reaffirmed its willingness to work with the government and relevant institutions to support a stable and sustainable energy future for Sri Lanka. However, it stressed that immediate financial relief is necessary to prevent further deterioration of the sector and to protect the country’s renewable energy capacity. (FRED)
Business
Ogilvy Group tops award tally at Dragons of Sri Lanka 2026
Nine awards, including two Golds, across disciplines recognise business-driven creativity
Ogilvy Group Sri Lanka delivered a standout performance at the recently concluded Dragons of Sri Lanka 2026 Awards, securing a total of nine awards comprising two Gold Dragons, one Silver Dragon and six Black Dragons, among the festival’s highest overall award tallies, a company news release said.
Gold Dragon wins for Phoenix Ogilvy and Ogilvy Digital, together with the seven additional recognitions across multiple categories, highlighted Ogilvy’s ability to combine creativity, strategic thinking and commercial effectiveness to deliver business results.
Organised by the 4As Sri Lanka, the third edition of Dragons of Sri Lanka shortlisted more than 50 agencies and corporates, making it one of the country’s most competitive marketing communications awards. These local awards, along with the chapters in Malaysia and Pakistan are part of the Dragons of Asia platform, one of the region’s leading programmes for marketing communications effectiveness, with entries being judged on strategy, originality, execution and measurable results.
Ogilvy Digital accounted for eight awards in total, including a Gold Dragon in the Business & Trade Marketing category, and a Silver Dragon in the Innovative Idea or Concept category. The Agency additionally received six Black Dragons across the categories of Innovative Idea or Concept, Business & Trade Marketing, Content Creation, Small Budget, Event or Experiential, and Brand Trial or Sales Generation.
Commenting on the achievement, Sajith Weerasinghe, Chief Operating Officer of Ogilvy Digital, said, “These recognitions reflect the breadth of capabilities we’ve built across strategy, creative, content, experience design, technology and performance marketing. The fact that the work was recognised across so many different disciplines demonstrates our ability to apply creativity to a wide range of business challenges and objectives. We’re proud that this achievement spans multiple clients, categories and types of work, reflecting both the versatility of our people and our commitment to delivering results.”
The Ogilvy Group’s second Gold Dragon win was Phoenix Ogilvy’s recognition in the Product Launch or Re-Launch category for the relaunch of American Premium Water. It was a multi-dimensional campaign which refreshed the identity and rejuvenated the positioning of one of Sri Lanka’s pioneering bottled drinking water brands, bolstering its 30-year heritage while connecting with a new generation of consumers.
Commenting on the win, Siddhartha Roy, Chief Operating Officer at Phoenix Ogilvy, said, “There’s always something special about reimagining a brand with a rich heritage. American Premium Water has been a trusted name in Sri Lanka for more than three decades, but the challenge was to make it relevant and compelling for a new generation of consumers. We created a new blueprint for growth for the brand’s positioning, proposition and visual identity, and manifested it through design, packaging and storytelling. To see that transformation recognised with a Gold Dragon, and more importantly reflected in the brand’s renewed momentum in the market, makes this a particularly rewarding achievement.”
The Ogilvy Group Sri Lanka operates across multiple marketing communication disciplines and comprises over 290 staff in creative, strategy, digital, media, public relations and integrated communications. As part of the global Ogilvy network, the Group partners with leading local and international brands to create integrated campaigns that build brands, influence behaviour and drive business growth.
Business
Musical tribute to Fr. Marcelline Jayakody held in California
A musical tribute celebrating the life and legacy of Rev. Fr. Marcelline Jayakody, OMI, renowned for his contribution to Sri Lankan arts, music, culture and religious harmony, was held in California with the participation of a large gathering of Sri Lankans.
Titled “Sri Lanka Rani Maniye,” the event was organised by the Sri Lankan Catholic Community in California (SLCCC) under the guidance of Rev. Fr. Rashmi M. Fernando, S.J.
The programme honoured Fr. Jayakody, affectionately known as “Pansale Piyathuma” (The Priest of the Temple), for his efforts to promote Buddhist-Catholic understanding, interfaith dialogue and a shared Sri Lankan identity.
The event brought together members of the Maha Sangha, the Consul General of Sri Lanka in Los Angeles, musicians, singers, donors, parents, children and members of the Sri Lankan community from Los Angeles and other parts of Southern California.
Music, song and Sri Lankan cultural traditions featured prominently, with organisers placing particular emphasis on introducing the country’s artistic and cultural heritage to younger generations of Sri Lankans growing up overseas.
The programme also highlighted the importance of community unity, religious harmony and mutual respect among Sri Lankans living abroad.
Rev. Fr. Fernando told the gathering that the event marked only the beginning of efforts that could achieve more through unity “for the pride and greater good of our motherland, Sri Lanka.”
The organisers thanked the performers, volunteers, donors and well-wishers who contributed to the event, which concluded as a celebration of Fr. Jayakody’s enduring cultural legacy and the Sri Lankan diaspora’s continuing connection with its homeland.
Business
Hayleys Fentons completes Rs. 1 bn manufacturing facility in Wathupitiwala
Hayleys Fentons Limited has completed construction of a state-of-the-art manufacturing facility for Shield Restraint Systems (Pvt) Ltd at the Wathupitiwala Export Processing Zone, with the project completed on schedule within approximately 14 months.
The project, valued at more than Rs. 1 billion, commenced with the laying of the foundation stone on January 7, 2025. It was undertaken by the project arm of Hayleys Fentons, with Design Consortium International (Pvt) Ltd serving as the principal design consultant.
The facility has been designed to meet international industry standards and incorporates advanced safety and energy-efficiency features. A pre-engineered building structural system was used to facilitate faster construction and optimise project costs.
The new facility will manufacture safety restraint systems for the international automotive industry through Shield Restraint Systems.
Hayleys Fentons Deputy Managing Director – Projects Sujith De Alwis said the timely completion of the project demonstrated the company’s engineering and project management capabilities and the ability of Sri Lankan construction expertise to meet stringent international standards.
Hayleys Mobility Executive Director Roshani Dharmaratne said the project required detailed planning, quality management and coordination across multiple disciplines.

Sujith De Alwis, Deputy Managing Director – Projects of Hayleys Fentons Limited and Roshani Dharmaratne, Executive Director of Hayleys Mobility Limited
Chairman Design Consortium Migara Alwis said the project further strengthens its portfolio in specialised industrial construction and supports investment linked to Sri Lanka’s participation in the global automotive supply chain.
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