June 10. Colombo: International Finance Corporation (IFC), the World Bank group financing the private sector investment, is investing $3.8 million in Sri Lanka’s SENOK Group to help the company diversify its portfolio to include wind-power projects.
The investment will boost the generation of renewable energy and increase the country’s power sources, a press release issued by the IFC Thursday said.
SENOK Group of companies, a privately owned diversified group in Sri Lanka has recently entered the wind power generation business.
In June 2010, the SENOK Wind Power Pvt. Ltd. (WPP), commissioned the first 10MW wind power plant in Kalpitiya in Puttalam district on the northwestern coast of Sri Lanka.
SENOK now plans to implement two more 10MW wind projects in the same area under two companies and IFC’s investment will help develop SENOK’s capacity in renewable energy and support the company’s plans to adopt global environmental and social practices, the IFC said.
Under the project, SENOK will fast-track the two new 10MW wind plants through SENOK Wind Energy (Pvt) Ltd and SENOK Wind Resource (Pvt) Ltd.
This project also will help establish a benchmark for similar renewable-energy projects in the future, the IFC said.
According to the IFC, SENOK’s wind-power project fits into Sri Lanka’s National Energy Policies and Strategies to produce 10 percent of the country’s electricity requirements through nonconventional renewable-energy sources by 2015.
The company will build the two wind-power plants in two phases, with the first phase expected to be completed in December 2011. Both wind farms will supply energy to Sri Lanka’s national grid.
Sri Lanka Sustainable Energy Authority has identified the Kalpitiya area as one of the three regions with excellent wind resources.
The location experiences winds in a north easterly direction from December to February and much stronger winds in a south westerly direction from May to September.
Anita George, IFC Regional Industry Director – Asia, Infrastructure, and Natural Resources said the SENOK project is IFC’s first direct investment in wind power in Sri Lanka.
“Our support of renewable energy ties in with our larger mandate to help mitigate the risks of climate change and increase access to electricity for consumers and industries,” Ms. George said in the statement.