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Acquisition of Yugadanavi power plant and right to build new LNG terminal: US firm says agreement finalised
US based energy firm, New Fortress Energy Inc. on Tuesday (21) announced that it had executed a definitive agreement with the Sri Lankan government for New Fortress’ investment in West Coast Power Limited, the owner of the 310 MW Yugadanavi Power Plant based in Colombo, along with the rights to develop a new LNG Terminal off the coast of Colombo.
Issuing a press release, New Fortress Energy Inc., said as a part of the transaction, New Fortress will have gas supply rights to the Kerawalapitya Power Complex, where 310 MW of power is operational and an additional 700 MW scheduled to be built, of which 350 MW is scheduled to be operational by 2023.
Given below is the statement: “New Fortress will acquire a 40% ownership stake in WCP and plans to build an offshore liquified natural gas (LNG) receiving, storage and regasification terminal located off the coast of Colombo. New Fortress will initially provide the equivalent of an estimated 1.2 million gallons of LNG (~35,000 MMBtu) per day to the GOSL, with the expectation of significant growth as new power plants become operational.
“The 310 MW Yugadanavi Power Plant currently has a long-term power purchase agreement to provide electricity to the national grid that extends through 2035. This power plant consists of General Electric turbines and is configured to run on natural gas in a combined cycle.
“”This is a significant milestone for Sri Lanka’s transition to cleaner fuels and more reliable, affordable power,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We are pleased to partner with Sri Lanka by investing in modern energy infrastructure that will support sustainable economic development and environmental gains.”
“The Kerawalapitya Power Complex is the foundation of the baseload power that serves the country’s population of 22 million people. Delivering cleaner and cheaper fuels to Sri Lanka will support the country’s growth for years to come.”
Lakbima Rice Mills (Pvt) Ltd, based in Polonnaruwa, has contributed Rs. 100 million to the Government’s ‘Rebuilding Sri Lanka’ Fund, established to provide relief to communities affected by Cyclone Ditwa.
The donation cheque was handed over this morning (13) at the Presidential Secretariat to Dr. Nandika Sanath Kumanayake, Secretary to the President, by Dudley Sirisena, Chairman of the Araliya Group of Companies.
Latest News
Advisory for severe lightning issued to the Districts of Kaluthara, Rathnapura, Galle and Matara
Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre
at 12.30 p.m. 13 December 2025 valid for the period until 11.00 p.m. 13 December 2025 for Kaluthara, Rathnapura, Galle and Matara Districts
The public are warned that thundershowers accompanied with severe lightning are likely to occur at some places in the Kaluthara, Rathnapura, Galle and Matara Districts.
There may be temporary localized strong winds during thundershowers.
General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
Avoid using wired telephones and connected electric appliances during thunderstorms.
Avoid using open vehicles, such as bicycles, tractors and boats etc.
Beware of fallen trees and power lines.
For emergency assistance contact the local disaster management authorities.
Based on the prevailing disaster situation and the upcoming festive season, arrangements have been made to provide a nutrition allowance worth Rs. 5,000 to pregnant mothers.
This allowance, which will be provided only once, will be given to pregnant mothers who were registered at maternal clinics on or before 30 November 2025.
The distribution will take place through the Divisional Secretariat offices from 16 December, as a program of the National Secretariat for Early Childhood Development, which is affiliated with the Ministry of Women and Child Affairs.
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