NTPC Floats JV To Boost Solar Projects In Sri Lanka

Indian power behemoth National Thermal Power Corporation (NTPC) recently formed a joint venture with the Ceylon Electricity Board (CEB) and Trincomalee Power Company Limited (TPCL). It’s a 50:50 joint venture (JV) company NTPC-CEB is registered in Sri Lanka. It aims to develop a 50 MW solar project, expandable to 120 MW, in Sampoor, Trincomalee, Sri Lanka. After extensive deliberations with various stakeholders, the final tariff for the project was decided.

Sri Lanka’s President, Anura Kumara Dissanayake, recently announced at a public meeting that the tariff for the Sampoor Solar Project has been set at 5.97 US cents per unit. This initiative aims to diversify Sri Lanka’s energy mix, significantly boosting the country’s clean energy capacity and reducing its reliance on fossil fuels. The finalized tariff structure ensures long-term energy security and aligns with Sri Lanka’s ambitious renewable energy goals. With the increasing focus on renewable energy, the Sampoor Solar Project marks a significant step forward in Sri Lanka’s green energy agenda.

NTPC Limited is actively expanding its international investments in the energy sector, focusing on renewable energy projects, including solar, wind, and hybrid power. The Sampoor project aligns with NTPC’s vision of becoming the world’s leading power company and underscores its commitment to driving sustainable energy solutions in key international markets.

Sri Lanka Expands Solar Footprint

Last year, in 2024, Sri Lanka, which joined the renewable energy bandwagon much later than many others, thanks to its extended civil war and the brush with bankruptcy till recently, finally moved ahead on its targets. The island nation targets taking the share of renewable energy to 70% of its requirements, from a share of just 2% in 2018.

With almost 100% access to electricity thanks to a grid reaching 98% of its population, Sri Lanka, as it recovers from the bankruptcy that stifled growth in the past two years, has much catching up to do. With a total installed capacity of 5000 MWs in its grid, Sri Lanka is expected to reach over 3 GW of solar capacity by 2030. According to the Ceylon Electricity Board, Sri Lanka has around 7 million buildings, but only 50,000 of them have installed rooftop solar systems. Power is usually brought from rooftop generators at US 12 cents, or almost INR 10.