Hayleys Solar, the renewable energy arm of Hayleys Fentons recently surpassed 150MWp of installations, a national record for rooftop solar PV capacity in Sri Lanka, setting a new milestone in the island’s transition to renewable energy.

By March 2023, Hayleys Solar crossed its milestone of 125MW and has continued to add new rooftop solar capacity to its portfolio, in various locations across the country. 

Its 150MWp of solar capacity is enabling Hayleys Solar to save close to 151,835 tons of carbon dioxide (CO2) emissions released to the air every year.

Expressing his views, Hasith Prematillake, the Managing Director of Hayleys Fentons stated: “This achievement is the largest to be installed across the island by any single entity and supports us to empower the community making solar solutions closer to all via accessibility and affordability

Hayleys Solar continues to establish solar experience centres island-wide, adding to its portfolio of experience centres in Matara and  Jaffna with new launches in Nawala, Katunayake, Kurunegala and Kandy soon, This will make it easier for people from different communities to access and learn about solar solutions.

These centres offer a comprehensive range of applications, including rooftop PV systems, batteries, and inverters, alongside live demonstrations of Solar-powered Water Pumps, Lighting systems and Solar Powered Hot Water Systems.

With high electricity tariffs, Hayleys Solar offers easy payment plans and loan facilities to support affordability for households and businesses to transition to solar.

Roshane Perera, the Executive Director and CEO of Hayleys Solar said, “By far, Hayleys Solar has become a top of mind household name and plays a major role as a trendsetter in the Solar energy sphere as the undisputed market leader. 

Throughout our remarkable journey, we have empowered a diversified clientele including world-renowned organisations and thousands of households . We are very grateful to our loyal clientele who has placed their trust with us”

“We are also in the process of installing the largest battery of 2MWh which will be commissioned by January 2024. I believe it is our responsibility as the market leader to focus on innovation and bring in the latest technologies to  drive growth to expand market share in this sector.”

In 2022, amid challenges in power availability, Hayleys Solar enabled the facilitation of a massive project of installing solar at 830 telecommunication towers across Sri Lanka, which supported the community to stay connected.

With its ongoing commitment to adding rooftop solar capacity to empower the community with electricity and energy self-sufficiency, Hayleys Solar is dedicated to improve the livelihoods of many Sri Lankans for generations.

The government has pledged its fullest commitment to attain significant advancements in Sri Lanka’s gem industry within the next two years.

To achieve this goal, the government intends to implement a new program. Emphasizing the program’s positive impact on both the national economy and industry stakeholders, President Ranil WIckremasinghe highlighted plans for extensive modernization within the gem and jewellery sector.

President Wickremesinghe underscored the importance of not only providing tax concessions but also transforming the gem and jewellery industry into a pivotal sector that contributes significantly to the country’s foreign exchange earnings. 

The President conveyed these aspirations during his attendance at the opening ceremony of the “Gem Sri Lanka 2024” Gem and Jewellery Exhibition organized by the China Fort Gems and Jewellery Trade Association yesterday (11).

The exhibition, hosted at the Bentota Cinnamon Bay Hotel, will run until January 13. President Wickremesinghe, inaugurating the event, actively participated in exploring trade stalls and engaging in friendly conversations with gem industrialists to better understand their challenges

Addressing the ceremony, President Wickremesinghe emphasized the need for a new economic system in the country that is geared towards exports, aiming to generate foreign exchange and foster economic growth.

In the forthcoming two months, diligent efforts are underway to craft this policy framework, signalling a significant stride toward the prosperity of our nation’s gem industry. Sri Lanka, with its vast potential in gems, stands poised for remarkable progress.

As Ian Fleming once immortalized diamonds by saying “diamonds are forever,” we proudly affirm that Sri Lanka’s gems, including the enduring sapphires, share a timeless legacy, he said.

Reflecting on the global landscape, it’s notable that the Chinese market, particularly represented by the Shenzhen Jewellery Association, is still in its early stages. 

 The government’s focus on gem re-export, value addition, and augmenting foreign exchange inflows necessitates a modernized gem industry. 

Recognizing the associated challenges, it’s crucial to address them strategically. While tax relief has been a customary request, merely granting concessions without substantial sectoral growth is inadequate.

 The key lies in concurrent development and strengthening of economic foundations for everyone involved in the industry, alongside fostering knowledge enhancement for gem polishers.

 The restoration of essential services, facilitated by foreign exchange, marks a significant achievement. However, it’s crucial to note that this foreign exchange is sourced from institutions like the World Bank and the support of nations, such as the American government’s provision of fertilizers in 2022.

The Employees’ Provident Fund (EPF) is set to explore methods for diversifying its investment portfolio with the aim of generating a higher risk-adjusted rate of return while ensuring the overall safety of the overall fund, Central Bank announced.. 

“As Sri Lanka’s largest superannuation fund, with the Central Bank of Sri Lanka as its custodian, the EPF showcased resilient financial performance throughout 2023, navigating challenges such as economic uncertainties and the impact of the domestic debt optimization (DDO) operation,” the Central Bank Governor Nandalal Weerasinghe said.

He made these revelations when he unveiled the ‘Annual Policy Statement 2024’ on Wednesday10.  The fund effectively carried out the provision and facilitation of refund payments, member-related services and various other services despite the obstacles.

 Looking ahead, the EPF focuses on improving operational efficiency to deliver efficient and effective services to its stakeholders. 

A key initiative involves implementing of a near-paperless operating system equipped with real-time document scanning to enhance service quality. 

Additionally, efforts to strengthen the electronic collection procedure, providing multiple payment avenues for employers, will continue to offer flexibility. 

He said a comprehensive Information and Communication Technology (ICT) solution is on the horizon for the EPF to re-engineer and modernize the existing process. 

The Central Bank of Sri Lanka (CBSL) plans to modernise operations of the Employees’ Provident Fund (EPF) through digital enhancements and diversify the fund’s investment portfolio to generate higher risk-adjusted returns.

CBSL said in its Annual Policy Statement for 2024 that the EPF will go “near-paperless” in 2024, with a number of technological enhancements also on the cards.

“Going forward, the EPF is committed to enhancing operational efficiency to deliver efficient and effective services to its stakeholders. Service quality is to be improved through the implementation of a near-paperless operating system with real-time document scanning,” he added. 

The initiatives taken to strengthen the electronic collection procedure by providing multiple payment avenues would continue to provide more flexibility to employers, the bank said.

“A comprehensive ICT solution would also be implemented at EPF with the view of re-engineering and modernising the existing process. EPF is to seek avenues to diversify its investment portfolio to generate a higher risk-adjusted rate of return while ensuring the safety of the overall fund,” CBSL said.

The island nation’s largest pension fund has almost 21-million member accounts including 18.3 million non-contributing accounts due to some members having multiple number of accounts. As of end-2022, the fund is worth 3.38 trillion rupees or 10.6 billion US dollars.By end 2022, a majority — 95.7 percent — of this was in government securities, while 84.1 billion rupees was invested in listed companies in the Colombo Stock Exchange, according to official data

January 12, Colombo (LNW): The Ministry of Transport in Sri Lanka is actively pursuing plans to implement an electronic card or QR code-enabled payment system for state-run buses, with the aim of addressing losses amounting to approximately Rs. 10 million per day. Minister of Transport Bandula Gunawardena informed Parliament on January 11th that the ministry is in the final phase of introducing this online payment system, facilitated by the Sri Lanka Transport Board (SLTB).

Highlighting the financial challenges faced by the state-run bus services, Minister Gunawardena revealed that a portion of the day’s earnings is not consistently returned to the respective depots by some bus drivers or conductors, resulting in a daily loss of around Rs. 100,000 per depot.

The minister emphasized that the electronic card or QR code-enabled payment system is expected to be rolled out within the next two months. This initiative aligns with the broader digitalization plan announced for the SLTB in November 2023, with implementation slated for the year 2024.

January 12, Colombo (LNW): Opposition Leader Sajith Premadasa’s 57th birthday is today (12).

He was born on January 12, 1967. He entered the parliament for the first time in the 2000 general election and has worked as a deputy minister and cabinet minister. He currently serves as the leader of the Samagi Jana Balawegaya and the opposition leader in the parliament.

Team LNW would like to send our heartiest wishes to Sajith Premadasa on his birthday…