Business
Connectivity sought among small island nations via shared tech innovation in solar energy
Sri Lanka played host to a pivotal regional energy summit this week as the International Solar Alliance (ISA) held its 7th Regional Committee Meeting for Asia and the Pacific in Colombo, reaffirming its commitment to making solar energy economically viable across the Global South.
ISA Director General Ashish Khanna lauded the government of Sri Lanka’s leadership, announcing a bold new agenda that could accelerate private sector investment, drive down solar energy costs and connect small island nations through digital tendering and shared technological innovation.
“We were honoured to have the Prime Minister of Sri Lanka, Dr. Harini Amarasuriya, and Energy Minister Kumara Jayakody present, Khanna said. “Asia-Pacific nations are home to 4.3 billion people — 60% of the world’s population. While 97% now have access to electricity, the dream of solar energy remains unfulfilled in many smaller countries and island states. This meeting was about changing that.”
The ISA, now comprising 124 member nations, is positioning itself as the largest multilateral agency of the Global South. With a vision anchored in equitable partnerships, its new framework focuses on four core pillars: policy and regulatory reform, enabling private investment, enhancing local institutional capabilities and sharing scalable technology.
“We want to ensure each country builds its own institutional ability to choose what’s best for its context, Khanna said. “This includes our STAR-C centres — Solar Technology Application Resource Centres — now in 17 countries and soon to be linked to a global digital knowledge hub.”
A highlight of the meeting was the signing of country partnership frameworks with Sri Lanka, Fiji, Solomon Islands and Kyrgyzstan. These frameworks are designed to guide collaboration over the next 3–5 years and accelerate solar goals through technology deployment, capacity building and financing strategies.
Importantly, the ISA also announced a game-changing initiative for six small island developing states (SIDS), aiming to aggregate demand across countries and conduct digital tendering. “This platform will help these nations secure solar power at the lowest possible prices, fast-tracking implementation in just one or two years, Khanna said.
Responding to The Island Financial Review, Energy Minister Eng. Kumara Jayakody, who chaired the regional meeting, provided a candid overview of the country’s solar trajectory and energy policy ambitions.
“As of now, nearly 13% of Sri Lanka’s total energy mix comes from solar, Jayakody said. “Last month alone, more than 70% of our energy came from renewable sources. We are firmly on track to meet our medium-term targets and our policy roadmap aims to expedite this transition within the next three to four years.”
He acknowledged the limitations faced by Sri Lanka due to its variable demand and relatively high share of daytime solar usage, but outlined the country’s efforts to enhance energy stability through battery storage, pumped hydro, and diversified load management.
“We are now tendering for a 60 MW battery storage system and developing the detailed design for a 600 MW pump storage project at Mahaweli, the minister revealed. “EV charging infrastructure, especially during daytime hours, is also a key part of our energy strategy — that is another form of storage.”
Questions from the press also touched on the stability of solar supply in island contexts, investment barriers, and compensation challenges faced by past developers in Sri Lanka. Minister Jayakody responded firmly, clarifying that the government is negotiating with investors transparently and moving ahead with new tenders.
By Ifham Nizam ✍️
Two groundbreaking reports launched by the Pathfinder Foundation in collaboration with the Australian Trade and Investment Commission have laid out a practical vision for Sri Lanka’s economic future, pinpointing the mineral and clean energy sectors as twin engines for sustainable growth and investment.
The reports, unveiled on December 17 in Colombo, present actionable roadmaps for project developers and technology providers, positioning Sri Lanka as an emerging frontier in the global clean energy and critical minerals supply chain.
Key content from the minerals report:
Sri Lanka’s largely underutilised mineral sector holds significant potential, with resources increasingly vital to global industries. The country boasts high-purity graphite, rare earth elements (REEs), mineral sands, and phosphate – all critical for electric vehicles, renewable energy technologies, and high-tech manufacturing.
While current mineral exports are around USD 389 million, the International Trade Centre estimates a potential of USD 778 million, with primary data suggesting the true figure could reach USD 2 billion. To capture this value, the report stresses moving beyond exporting raw materials to domestic refining and beneficiation.
A key strategic recommendation is deeper regional collaboration, particularly under the South Asian Free Trade Area (SAFTA). It highlights an opportunity for Sri Lanka to partner with India’s booming automotive and clean energy sectors, where demand for REEs and permanent magnets is soaring. This could involve upstream Indian investment in Sri Lankan REE resources or exports of rare earth oxides for India’s EV, wind, and electronics industries.
Key content from Clean Energy report:
Parallel to its mineral potential, Sri Lanka is pursuing an ambitious transition to clean energy, targeting carbon neutrality by 2050. The country’s renewable energy sector offers a diverse range of investment and trade opportunities for international stakeholders, spanning large-scale utility projects, distributed generation, and service-based collaborations.
Specific opportunities include utility-scale solar and wind projects, offshore wind resource mapping, and rooftop solar in urban corridors. There is also growing momentum for Battery Energy Storage Systems (BESS) to stabilise the grid, green hydrogen pilot plants, and the development of net-zero industrial parks powered entirely by renewables.
The reports highlight a powerful synergy: Sri Lanka’s minerals are essential for the very clean technologies it seeks to deploy. For instance, its phosphate can be used in lithium iron phosphate (LFP) batteries, while its high-purity quartz is vital for solar-grade silicon.
Australia is identified as a key partner in both sectors. Australian Mining Equipment, Technology, and Services (METS) firms can provide cutting-edge, sustainable mining technology, while Australian expertise in smart grids, BESS, and green hydrogen aligns with Sri Lanka’s long-term energy strategy.
While outlining vast potential, the reports also acknowledge challenges, including regulatory complexities, infrastructure gaps, and the need for enhanced skills development. Proposed solutions include modernising approval processes, developing a national critical minerals strategy, and fostering public-private partnerships.
The consensus from keynote speakers at the event – including Pathfinder Foundation Chairman Bernard Goonetilleke, Australian High Commissioner Matthew Duckworth, and senior representatives from academia, government, and Austrade – was clear. Their collective insight underscored the reports’ central thesis: Sri Lanka is presented with a unique, synergistic opportunity. By strategically developing its mineral wealth and accelerating its clean energy transition in tandem, the nation can attract significant foreign investment, create high-value jobs, and secure a competitive position in the Indo-Pacific’s sustainable economic future.
By Sanath Nanayakkare ✍️
The Commercial Bank of Ceylon has signed a Memorandum of Understanding with Prime Lands and Prime Land Residencies to provide up to 100% financing for customers purchasing condominium units or gated houses developed by the Prime Group, demonstrating the Bank’s unwavering commitment to empowering more Sri Lankans to achieve their dream of home ownership.
The agreement enables prospective homeowners to seamlessly access Commercial Bank’s home loan facilities with tripartite agreements involving the developer, the buyer and the Bank. As the market leader in home loans, Commercial Bank brings unmatched expertise and flexibility to borrowers seeking to invest in properties developed by one of Sri Lanka’s most trusted names in real estate.
Commenting on the partnership, S. Ganeshan, Deputy General Manager – Personal Banking at Commercial Bank said: “This agreement with Prime Lands and Prime Land Residencies creates an excellent opportunity for us to expand our housing loan portfolio while enabling more Sri Lankans to realise one of their life goals. Commercial Bank’s strong home loan offering, combined with Prime Group’s reputation as a leading developer, ensures customers benefit from both financial strength and quality of construction.”
The Prime Group, which positions itself as the leader of real estate artistry in Sri Lanka, comprises subsidiaries associated with lands, houses, finance and condominiums. With over 30 years of trust and excellence and a base of more than 300,000 customers, the Group says it is driven by its evergreen vision: ‘Committed to Creating a Better Place on Earth,’ which continues to inspire its passion to deliver homes that bring customers’ dreams to life.
Mahogany Masterpieces, a Sri Lankan luxury furniture brand, has launched the “An Ode to Grain” collection. This showcase honors mahogany’s natural beauty and the brand’s craftsmanship. The philosophy is to let the wood’s grain guide the design, creating timeless pieces that respect the material. The collection includes new architectural elements like architraves, paneling, and corbels, designed to bring lasting warmth and character to interiors.
Visitors can view the full collection at the Mahogany Masterpieces Showroom and Design Studio which is located at No. 87, Dr. Lester James Peiris Mawatha (Dickman’s Road), Colombo – 05. www.mahoganymasterpieces.com
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