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Consortium to invest 15 mn USD in 10 MW solar power plant to respond to the upcoming energy crisis

A multi-million dollar project to set up a solar power plant in Sri Lanka is underway with three prestigious investments from Japanese companies through a Japanese consortium.
Companies that are Shibatasyoji Co., Ltd., SAWADACo. Ltd. and WQ Inc. are recognized for their extensive experience in the development of solar power plants in Japan and this pioneering company in Sri Lanka will provide the country with the best knowledge in this field of competence program. Shibatasyoji Co., Ltd and SAWADACo. Ltd. are the main investors, while WQ Inc. will provide the main components of the project.
Japanese experts have conducted a series of in-depth research in this area, concluding that Sri Lanka is one of the most viable countries of solar energy. In addition, the announcement by the Government of Sri Lanka in 2015 of the interest in setting up a series of solar power stations in the country gave it the necessary impetus to lay the foundation for this project.
The project is in partnership with TAD Investments Lanka, the local partner for the project facilitator, and Sierra Technology Holdings (a subsidiary of Sierra Holdings), a local EPC partner for the project.
The official signing ceremony took place on Friday 03 February between the Japanese Consortium and the two local entities with initial commitment to establish a 10 MW solar power plant and an additional pledge to invest in a 100MW solar power plant in the future. The decision of engagement will depend on the success of this primary effort, which will be monitored closely.
The objective is to implement the project within a maximum period of eighteen months, which depends entirely on the willingness of the government of Sri Lanka to issue standard electricity purchase agreements (LRCRs) to potential investors. The effectiveness of government in the treatment of LECL accelerate the establishment of solar power plants by investors.

"This project will be the point of reference for future projects of this caliber in Sri Lanka, paving the way for solving the imminent energy crisis and are ready to give our unconditional support to achieving success in this area," said a representative of Japanese consortium.
"TAD Lanka Investments is proud to participate in this enormous undertaking that provides the country's stability and some growth in technology that promotes the use of sustainable and renewable energy and addresses the current crisis, Open for new investment in Sri Lanka in this area, "said Atheeq Ansar (Director / CEO) of TAD Lanka Investments.
Investments Lanka TAD (TAD) was founded in May 2016, the main objective to rationalize and safeguard all types of investments and foreign investors channeled Sri Lanka. During its short period of operation, TAD has successfully completed numerous major refining investments and is still gaining a reputation as a high-end company among its growing clientele.
This project is a welcome effort experts predict the power crisis that Sri Lanka is facing in 2018 due to the inability to meet high energy demand. These projects are essential to improve stability and infrastructure.
With the government focused on guaranteeing more FDI in the country, promoting these projects will benefit Sri Lanka in the long term and encourage more investors to follow suit. Therefore, the importance of this project and the promise to invest more depend solely on the success of this first level project.

 
 

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