SL casts nets for private offshore wind investors

The Cabinet of Ministers has approved a proposal put forward by the Minister of Power and Energy to bolster the presence of large-scale renewable energy projects in the nation. This decision paves the way for the gradual development of Sri Lanka’s offshore wind potential through private sector investments, aiming to create economies of scale.
While previous efforts to attract renewable energy producers have been criticised for not adhering to competitive bidding protocols, Cabinet Spokesperson Bandula Gunawardana emphasised that this initiative will be executed transparently.
The approval follows a feasibility study on offshore wind development conducted by World Bank consultants, which identified the North, West, and South East regions of Sri Lanka as high-potential areas for large-scale offshore wind power plants.

A World Bank report from August 2023 indicates that the island nation has the capacity for an estimated 56GW of offshore wind power; 27GW of fixed offshore wind in shallow waters, defined as less than 50 meters, and for 29GW of floating offshore wind in deeper waters.
This clean energy capacity can facilitate Sri Lanka’s transition to net-zero carbon emissions, enhance supply security, and alleviate the economic strain from fossil fuel imports.
The government has set a goal to have 70 percent of its electricity generated by renewable energy sources by 2030, and achieve carbon neutrality in electricity generation by 2050.