ECONOMYNEXT – Sri Lanka is in discussion with Saudi Arabia-based ACWA Power for renewable energy project with an aim to attract foreign investment, Foreign Minister Ali Sabry said.
Sabry met Saudi Arabian Economy, Investment, and Foreign Ministers when he visited Riyadh last week to participate in the World Economic Forum.
“Saudi Arabia has agreed to invest in Sri Lanka. We expect a huge investment from Saudi Arabia. They are in the process of diversifying their oil-based economy. Accordingly, they are now investing in other countries,” Sabry told reporters at a media briefing in Colombo on Wednesday (08).
“We are in discussion with them for projects at least one or two big projects. We hope to finish negotiations by end of this year. When we get one or two projects, others from that country will follow,” he said.
“They are mainly interested in renewable energy, specially solar power, wind power, and green hydrogen,”
“We are in discussion with relevant institutions. They have a firm called ACWA Power. It is one of the largest investor in other countries.”
He said such renewable energy project will help to generate excess electricity once Sri Lanka connect the grid with India.
ACWA Power is a developer, investor, and operator of power generation and desalinated water plants, with 82 assets in operation, construction, or advanced development across 13 countries.
With an investment value of $85.7 billion, ACWA Power’s portfolio can generate 55.1 GW of power, the company website showed. (Colombo/May 08/2024)