Business
Renewable energy producers say they can generate more power if govt and CEB support
by Sanath Nanayakkare
In the backdrop of dwindling foreign currency reserves and capacity shortages, the only logical solution for Sri Lanka to take is to adopt renewable energy as the primary source of energy production, Manjula Perera, Secretary of the Wind Power Developers Association said in Colombo yesterday.
He said so speaking at a press conference held at the Hilton Colombo Residencies, convened by the associations of local entrepreneurs who have invested in the development of wind power, small hydro power, ground mounted solar power and bio energy.
Notably, the associations reiterated the fact that they want only the policy support and that they can provide themselves with necessary funding for the projects if the government, CEB and related line ministries act together to remove the bottlenecks which are there for no clear purpose.
“Sri Lanka is currently facing an acute energy crisis, primarily due to the country’s reliance on imported fossil fuel. The solution to this is for the country to move on to more renewable sources of energy such as wind, solar, bio-gas, biomass and hydro power. Renewable energy also presents a host of other benefits both socially and economically as well,” Manjula Perera said.
“Renewable energy can be generated using Sri Lanka’s ample natural resources. This would also offer some relief to Sri Lanka’s diminishing foreign reserves as renewable energy does not need to rely on fuel imports,” he noted.
‘However, one of the main issues which the renewable energy sector faces is the government approval process which can take years to complete. This process needs to be streamlined and implemented in an efficient manner as possible. Renewable energy developers also run into a myriad of challenges from the CEB that has delayed approval and grid connections, sometimes attributed to incorrect technical analysis. Bringing correct knowledge and international best practices to the CEB will help sort out these issues,” he pointed out.
Riyaz Sangani, Past President of Hydro Power Developers Association said, “Our goal as the renewable energy sector is to help the government and the people overcome the current energy crisis in the country. We believe that the key to this is to increase co-operation between the government and the private sector. Only then will we be able to successfully overcome all obstacles and make the switch to renewable energy.”
“There are currently a total of 294 private sector renewable energy developer projects which have been commissioned. These projects have combined capacity of 718.334 megawatts (MW). The total number of projects needs to increase drastically, for the country to truly reap the full benefits of renewable energy,” Thusitha Peiris, Small Hydro Power Developers Association President said.
He said that small hydro power projects have been brought to a halt for years now, and today the need is ever more acute for local entrepreneurs to be allowed to restart investing in this sector in a conducive operating environment.
“Another issue that has hampered the success of the renewable energy sector is the importation restrictions imposed on the sector, which has made it difficult to obtain the machinery necessary,” the associations said.
“In addition to the immediate benefits which the country will receive, renewable energy sources also pose less of a risk to the climate and environment. This will help protect the environment and ensure that the country’s development will not be hindered by any environmental issues in the future,” they observed.
“There have been many local and foreign investors who have shown interest in investing in renewable energy for Sri Lanka. These investors need to be shown that it is a worthwhile investment and that hindrances will be minimal. Only then can Sri Lanka overcome its socio-economic woes and continue with development,” they pointed out.
To catalyze bilateral trade and investment and drive regional economic integration, the Consulate General of Sri Lanka in Mumbai facilitated a series of high-level strategic engagements between The Ceylon Chamber of Commerce and leading Indian commercial institutions on May 13 and 14.
The delegation from The Ceylon Chamber of Commerce was led by its Chairman Krishan Balendra, CEO of John Keells Holdings Pvt Ltd and comprised a distinguished group of Sri Lankan industry leaders from Hirdaramani Group, Maliban Biscuit Manufactories (Pvt) Ltd, Sierra Cables PLC, A. Baur & Co. (Pvt) Ltd, Jetwing Travels (Pvt) Ltd, Ceylon Biscuits Ltd, Hayleys PLC, Vidullanka PLC, MAS India Clothing (Pvt) Ltd, Tudawe Brothers (Pvt) Ltd, David Pieris Holdings (Pvt) Ltd, Bank of Ceylon, Aitken Spence PLC, LTL Holdings Ltd. and Orel IT Pvt. Ltd.
On May 13, The Confederation of Indian Industry (CII) and The Ceylon Chamber of Commerce jointly hosted the ‘India–Sri Lanka Business Forum: Partnering in Sri Lanka’s Growth and Investment’ and an exclusive CEO interaction in Mumbai. The forum convened senior government officials, policymakers, and industry leaders from both countries.
These included, among others, High Commissioner of Sri Lanka to India Mahishini Colonne; Consul General of Sri Lanka in Mumbai Priyanga Wickramasinghe; Senior Economic Advisor to the President of Sri Lanka Duminda Hulangamuwa; Secretary (Protocol, FDI, Diaspora & Outreach) and Chief of Protocol Government of Maharashtra Rajesh Ravindra Gawande; Co-chairman, CII Western Region Sub-committee on International Trade & Investment and Chief Executive Officer, Polycab India Ltd. Anurag Agarwal; Chairman, CII Western Region Sub-Committee on Tourism and Hospitality and Executive Director, Kamat Hotels India Ltd Vishal Kamat and Secretary General & CEO of The Ceylon Chamber of Commerce Shiran Fernando.
Conversations centered on accelerating cross-border cooperation across high-priority sectors, including technology, manufacturing, healthcare, renewable energy, and digital transformation.
On May 14, the delegation engaged in productive Business-to-Business sessions with the IMC Chamber of Commerce and Industry, culminating in the formal renewal of the Memorandum of Understanding between The Ceylon Chamber of Commerce and IMC. The delegation also participated in an interactive session hosted by the World Trade Center (WTC) Mumbai and the All India Association of Industries (AIAI).
The two-day mission concluded with a robust exchange of views cementing a strong foundation for sustained bilateral collaboration and paving the way for a new era of industrial synergy between Colombo and Mumbai. (Consulate General of SL, Mumbai)
Demonstrating its commitment to supporting the nation’s next phase of economic transformation, Commercial Bank of Ceylon has become one of the first banks in Sri Lanka to enter into an agreement to establish a fully-fledged branch at Port City Colombo, marking a significant step in the Bank’s strategic expansion into the country’s emerging international financial hub.
The agreement was signed by Sanath Manatunge, Managing Director/CEO of Commercial Bank, and Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. The partnership further reinforces Commercial Bank’s position at the forefront of Sri Lanka’s evolving financial landscape.
The proposed branch will function as a fully-fledged banking branch, offering a full spectrum of products and services tailored to the needs of corporates, investors, businesses and retail customers operating within the Port City Colombo ecosystem. These will include digital banking facilities, trade services, foreign currency transactions, corporate banking solutions, deposits, lending, card services and remittance facilities.
By establishing a presence within Port City Colombo, the Bank said it aims to further strengthen its ability to support cross-border business and investment flows while positioning itself to meet the sophisticated requirements of global investors, multinational corporates and high-net-worth individuals expected to operate within the Special Economic Zone.
Commenting on this ground breaking initiative, Sanath Manatunge, Managing Director/CEO of Commercial Bank said the Bank’s decision to establish a fully-fledged branch within Port City Colombo reflects both its long-term confidence in the project and its readiness to support the evolving needs of a globally integrated financial ecosystem.
“As Sri Lanka’s largest private sector bank with a strong track record in serving corporates, international clients and high-value businesses, we see Port City Colombo as a pivotal development in the country’s economic future,” he said. “Our presence within this Special Economic Zone will enable us to seamlessly support cross-border transactions, facilitate international trade and investment, and deliver world-class banking solutions backed by advanced digital capabilities. Being one of the first banks to formalise plans for a full-service branch within Port City Colombo reaffirms our role as a pioneer in driving financial innovation and supporting national development.”
A 269-hectare extension of Sri Lanka’s central business district, Port City Colombo is being developed as a multi-service Special Economic Zone designed to serve as a regional financial centre, business and lifestyle hub. One of the largest public-private partnership projects in the country, it is envisioned as a catalyst for high-value investments, underpinned by advanced infrastructure, cutting-edge technology and a progressive regulatory framework.
“Our role as master developer goes beyond building the city itself. It is about creating the foundations for a functioning international business and financial hub,” said Mr Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. “The establishment of institutions such as Commercial Bank within Port City Colombo is an important part of that process, because it brings real operational depth and credibility into the ecosystem from an early stage. It reflects the broader momentum behind the project and the growing shift towards a more globally connected, investment-driven economy in Sri Lanka.”
Sri Lanka’s renowned specialty tea brand “Singharaja Wiry Tips,” produced by Lumbini Tea Valley Ceylon, has won two major accolades at the prestigious “The Leafies International Tea Awards” held recently at Fortnum and Mason in the United Kingdom.
The award-winning low-grown Ceylon tea secured the titles of “Best Ceylon Black Tea” and the overall “Best of All Black Teas,” emerging as the top black tea entered at the international competition.
With these latest honours, “Singharaja Wiry Tips” has now earned its 43rd and 44th international awards, further strengthening its reputation as one of the world’s most highly awarded black teas.
Classified as FBOPF EX SP (Flowery Broken Orange Pekoe Fannings Extra Special), the tea is named after its distinctive golden-tipped wiry leaves and unique flavour profile derived from the ecosystem surrounding the UNESCO World Heritage-listed Singharaja Rainforest, which borders the Lumbini plantation.
Lumbini Tea Valley’s latest innovation, “Lumbini Screw Buds,” also received high commendation at this year’s competition, highlighting the company’s continued excellence in producing premium Ceylon teas.
Chairman and Managing Director Chaminda Jayawardena, who accepted the awards in London, credited the achievement to the dedication of the Lumbini workforce and the support of nearly 1,800 tea farmers supplying high-quality green leaf harvested using the traditional “two leaves and a bud” method.
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