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Adani Group’s renewable energy company getting better payment terms than us from government

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SL’s Renewable Energy Associations allege:

By Hiran H.Senewiratne

The government is paying higher terms on a unit cost for Adani Group’s renewable energy company as against local developers, which has created some unfair situations for local developers, Sri Lanka’s Renewable Energy Associations said.

“Adani Group is looking at possible investments in Sri Lanka’s wind and renewable energy sector and the government has agreed to pay six US dollar cents for a kilowatt hour/unit, while local developers are getting only a little higher than two US dollar cents, which really discourages them, exco member, Biomass Developers Association, Riyaz Sangani said.

Sangani made these comments at a media conference organized by renewable energy associations that include small hydro, wind, solar and biomass power developers and the Solar Industries Association of Sri Lanka. The event was held at the BMICH on Wednesday.

Sangani said that the Adani Group only signed the agreements but is yet to start its feasibility studies for the proposed projects. ” I am sure with the rupee depreciation and poor government decision- making process they will back out of the proposed projects, he added.

“The government has ignored its priorities because now the national grid in this country risks losing 1250.9 Megawatts (MW) of power generated by renewable energy developers, as the Ceylon Electricity Board (CEB) has not paid for the electricity supplied by them since August 2021, Sangani explained.

“At this critical juncture when the country is in a dire economic state, the renewable energy developers are hard-pressed to cease operations as they are unable to meet their critical payment obligations, including paying employee salaries, maintenance, and debt obligations, Secretary, Wind Power Association Manjula Perera said.

“The net effect of this would not just be that the country would lose this mass of clean energy, but it will lead to a severe economic crisis as the alternative will be to procure thermal power, burning fossil fuel at an astronomically high cost of about Rs.90/- per unit as opposed to the average cost of Rs. 15.77 paid for renewable energy. This will exacerbate the forex crisis and be unbearable to the country at this juncture, Perera said.

“As a whole, CEB owes approximately Rs. 22 billion to renewable energy operators. This has brought the industry to its knees, posing a serious threat of not being able to pay salaries to about 7000 employees, potentially leading to a severe social crisis, he said.

“At the same time, the banks have lent about Rs. 60 billion to the industry and servicing these loans will come to a grinding halt soon, president, Grid Connected Solar Power Association Lasith Wimalasena said.

“This can impact the banking system as well. On the other hand, there are about 550MW projects in the pipeline for impending financial closure and if those are not financed and developed, the country will turn to high-cost fossil fuels for power, further compounding its economic woes, Wimalasena said.

“Sri Lanka is in a huge power deficit because of the wrong type of power plants being in operation. Renewable energy is the cheapest and cleanest option available, however, these payment defaults will seriously discourage potential investors in the sector, completely halting the country’s ambition to become a high renewable energy generating nation and also failing in its obligations to the United Nation’s Sustainable Development Goals (UNSDGs), he added.

“CEB’s current average cost of a unit of electricity delivered to consumers is estimated to be Rs. 60/-, as of April 20, 2022. The direct generation cost itself from CEB power plants varies from Rs. 154 per unit, Kelanitissa Power Station being the highest, and Rs. 7.19 (large hydro) being the lowest.

“Other renewable energy plants operated by private owners are at the lowest after the cost of large reservoir- based hydro plants and the recently commissioned 100MW wind plant in Mannar, president, Solar Industries Association Kushaan Jayasuriya said.

“The CEB should focus on cost efficiency and promoting renewable energy by creating greater flexibility in decision making at the Sustainable Energy Authority, The Power Ministry, The Finance Ministry, The Attorney General’s office and PUCSL for the sake of the country and its people, Secretary, Small Hydro Power Developers Association Warna Dahanayake said.

” The future target of 70 per cent of power generated through renewable energy means it will never materialize as delayed payments will drive away investors, he added.



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Ambeon Securities hosts exclusive investor forum on Sri Lanka’s economic and market outlook

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The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm's engagement with its growing client base.

Ambeon Securities recently hosted an exclusive investor forum, bringing together clients, investors, business leaders, and market professionals for an insightful discussion on Sri Lanka’s economic outlook and investment opportunities amidst a challenging global landscape.

The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm’s engagement with its growing client base.

The forum featured Baqar Zaidi, Director and Chief Economist for Sri Lanka and India at Citi Research, as the keynote speaker. Sharing his perspectives on the evolving global macroeconomic environment, Mr. Zaidi discussed key themes influencing emerging and frontier markets, Sri Lanka’s economic trajectory, and the opportunities lie ahead.

The keynote address was followed by an engaging panel discussion comprising Baqar Zaidi, Aravinda De Silva, respected investor, entrepreneur, and the Chairman of Arcasia Holdings. Hasitha Premaratne, Group Managing Director of Brandix and Asanka Herath, Chief Executive Officer – Unit Trusts and Head of Equities at LYNEAR Wealth Management.

Moderated by Imran Furkan, the panel explored a range of topics including Sri Lanka’s macroeconomic outlook, the future of the Colombo Stock Exchange, sectoral opportunities, capital allocation strategies, investor confidence, and the role of policy reforms in attracting investment and supporting long-term growth.

Speaking at the event, Charith Kamaladasa, Chief Executive Officer of Ambeon Securities, reaffirmed the company’s commitment to facilitate quality insights, informed perspectives, and meaningful dialogue to support their clients while building lasting relationships with them. He noted that in an environment where uncertainty has become the new normal, equipping investors with timely information and expert perspectives is essential for successful wealth creation.

The event was well attended by a distinguished gathering of institutional investors, high-net-worth investors, and business leaders. Among those present were members of the Ambeon Group Board, including Group Chairman Sujeewa Mudalige, Group CEO Dr. Sajeeva Narangoda, and Chairman of Ambeon Securities Mangala Boyagoda. Their presence, together with the participation of Ambeon Group shareholders and valued clients, enriched the discussions and contributed to a vibrant networking session, fostering meaningful dialogue and stronger connections within the investment community.

Through initiatives such as this, Ambeon Securities continues to reinforce its commitment to helping clients navigate evolving market conditions, make informed investment decisions, and achieve their long-term financial goals.

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Tata Group leads humanitarian education support initiative with DIMO and ChildFund

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The Tata Group, in partnership with ChildFund and DIMO, has successfully implemented a humanitarian education support initiative for disaster-affected schoolchildren in Sri Lanka, reaffirming its commitment to helping communities recover from the impacts of Cyclone Ditwah and the subsequent floods.

Following a formal request for support from Sri Lanka, an on-ground assessment was conducted in December 2025. Recognizing the urgent need, several Tata companies joined forces to implement the response program.

As part of this initiative, the ‘Hope in a Backpack’ programme, which provides disaster-affected children with essential educational supplies, was launched by the Tata Group at Taj Samudra, Colombo, in the presence of the Chief Guest, Hon. Prime Minister Dr. Harini Amarasuriya; the Guest of Honour, Hon. Indian High Commissioner Santhosh Jha; Ranjith Pandithage, Chairman of DIMO; Chacko Thomas, Group Chief Sustainability Officer, Tata Sons; and Aditi Ghosh, Country Director, ChildFund.

This initiative is part of DIMO’s Social and Community Pillar, under the project theme ‘Lassana Hetak,’ which focuses on giving the future generation a helping hand towards a better future.

This collective effort was further strengthened by volunteers from Tata and DIMO, who actively mobilized on the ground to pack, distribute, and support affected communities. During the proceedings, specially invited schoolchildren received the backpacks with essential supplies as well.

Commenting on the partnership, Ranjith Pandithage, Chairman of DIMO, said: “DIMO is proud to collaborate on this meaningful initiative alongside the Tata Group and ChildFund as the local implementation and logistics partner. Our relationship with Tata spans more than six decades and has been built on a shared commitment to ethical business practices, trust, and creating lasting value for the communities we serve. These values have shaped our partnership over the years, extending beyond business to initiatives that make a meaningful difference in people’s lives.”

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NovaNest Properties launches Rainbow Apartments in Ratmalana

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Samitha Waidyasekera CEO - NovaNest Properties (Pvt) Ltd

NovaNest Properties (Pvt) Ltd has officially launched Rainbow Apartments, a new residential development in Ratmalana. The announcement was made at an official launch event held at the Shangri-La Hotel, Colombo, marking the company’s latest addition to Sri Lanka’s growing apartment market.

The development is designed to cater to homebuyers seeking modern urban living, as well as investors looking for long-term value. Rainbow Apartments is located in Ratmalana, an area of increasing residential interest, and benefits from the suburb’s established social infrastructure, proximity to major transportation links, and accessibility to Colombo.

The project reflects NovaNest Properties’ commitment to delivering quality residential developments that combine contemporary design with practical living. Intended to satisfy the evolving lifestyle demands of today’s homeowners, Rainbow Apartments features thoughtfully designed living spaces supported by modern amenities. These include two infinity pools, a gym, fully functional workspaces, a mini theatre, stylish cafés, a mini-mart, and a children’s daycare. Additionally, it features a full time medical centre backed by Nawaloka Hospitals PLC Colombo, with a 24-hour ambulance service.

Commenting on the launch, the Chief Executive Officer of NovaNest Properties (Pvt) Ltd, Samitha Waidyasekera, said, “Today’s buyers are looking beyond square footage. In addition to providing long-term value, they want homes that are close to the places where they work, learn, and spend their time. With that shift in mind, Rainbow Apartments was created to bring together a strategic location, thoughtful design, and quality construction in a way that will continue to meet buyers’ needs for years to come. Through our promise of ‘Luxury Beyond Expectations,’ we are committed to delivering an elevated lifestyle experience that combines comfort, convenience, and modern living.

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