On 11 March 2022, High Commissioner of India to Sri Lanka, H.E. Gopal Baglay attended the signing ceremony of the Joint Venture & Shareholders’ Agreement (JVSHA) for the Trincomalee Power Company Limited (TPCL) which is a joint venture between NTPC Limited from India and the Ceylon Electricity Board (CEB) for developing a 100 MW Solar Power Plant at Sampur in Sri Lanka.
2. The signing ceremony took place at the Ministry of Finance of Sri Lanka in presence of the Minister of Finance, Hon. Basil Rajapaksa; Minister of Power, Hon. (Mrs.) Pavithradevi Wanniarachchi; State Minister of Aviation and Development of Export Zones, Hon. D.V. Chanaka; and State Minister of Solar, Wind and Hydro Power Generation Projects Development, Hon. Duminda Dissanayake. The signatories to this tripartite document included Mr. Narinder Mohan Gupta, Head of International Business Development, NTPC; Mr. M.M.C. Ferdinando, Chairman of the CEB; and Mr. N.S. Ilangakoon, Vice-chairman (CEB) and Chairman TPCL.
3. It may be recalled that during the visit of Minister of Finance of Sri Lanka, Hon. Basil Rajapaksa, to India last year, both sides had resolved to enhance investments from India in various sectors in Sri Lanka that would contribute to growth and expand employment. The Sampur Solar Power Project is an important step in this direction.
4. Signing of this JVSHA demonstrates yet again, India’s ability to respond to Sri Lanka’s priorities in a comprehensive and mutually beneficial manner. We will continue to encourage and facilitate the expedited and effective implementation of this project.
5. India is committed to expanding the role of renewable energy and helping build cleaner, greener and climate resilient societies. At the international level India has provided institutional solutions such as the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure for Climate Adaptation. Our cooperation with Sri Lanka in this domain will only become stronger with the implementation of the US$ 100 million Line of Credit offered by India to Sri Lanka for development of solar power projects in Sri Lanka. Similarly, there is significant interest among private sector on both sides for cooperation in renewable energy which is likely to increase in the coming years.
*****
Colombo
12 March 2022
