It has set itself the goal of increasing their renewable contribution to 70% of electricity production by 2030 as the installed capacity insufficient to meet growing demand.

Cabinet of Ministers has approved a green-lighted a proposal today seeking to enter into a Solar Power Purchase Agreement with the Australia-based company United Solar SGroup.

Taking to X (formerly Twitter), Power & Energy Minister Kanchana Wijesekera said through this deal, an investment would be made in a 700MW Solar Power Project with a 1,500MW of Battery Energy Storage System.

“The Solar power project will be installed on the surface of the Poonakary Tank in the Killinochchi District, with a Foreign Direct Investment of US$ 1,727 Million,” Wijesekera added.