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New solar power initiative in Sabaragamuwa to contribute 300 MW to National Grid

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By: Isuru Parakrama

November 24, Colombo (LNW): A new public-private partnership project launched in the Sabaragamuwa Province will contribute an additional 300 megawatts of solar power to Sri Lanka’s national grid.

The initiative, aimed at expanding the country’s renewable energy capacity, was formally inaugurated on Tuesday (19) by the Governor of Sabaragamuwa Province, Champa Janaki Rajaratne, at the Ratnapura Kumara Vidyalaya.

This solar power project is part of a broader effort to enhance the country’s energy mix through renewable sources, with similar projects being rolled out across all seven provinces.

The scheme is being carried out as a joint venture between the Provincial Councils and Gala Green Energy Holdings, a private sector partner.

Under the initiative, solar panels will be installed on the rooftops of state-owned buildings, including schools and hospitals, across the provinces.

The project is designed not only to generate clean energy but also to promote sustainability within local communities. Additional energy systems will be set up at these sites to ensure efficient power generation.

All electricity produced will be fed into the national grid, contributing to Sri Lanka’s renewable energy goals.

The total cost of the project, estimated at US$ 200 million, is fully funded by Gala Green Energy Holdings.

In return for their participation, provincial councils will receive 16 per cent of the revenue generated from the electricity produced, paid on a monthly basis.

This initiative forms part of a larger vision to transform Sri Lanka’s energy landscape by reducing its reliance on fossil fuels and increasing the use of solar energy.

By the end of the project, the combined solar power generation capacity across the country is expected to reach 300 megawatts.

In conjunction with the launch, a special art exhibition on renewable energy sources was held at Ratnapura Kumara Vidyalaya, where schoolchildren from the district showcased their creative works.

The exhibition aimed to raise awareness about the importance of renewable energy and its role in combating climate change.

Treasure frenzy in Veyangoda: Search for buried items ends without discovery

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By: Isuru Parakrama

November 24, Colombo (LNW): The much-anticipated excavation near the Central Expressway construction site in Veyangoda, in the Wanduramba area, concluded yesterday (23) evening without uncovering any treasure or archaeological items of significance.

The search was initiated on November 21 in accordance with a court order following the arrest of nine individuals, including one dressed in robes, who were accused of attempting to unearth hidden valuables at the site.

The operation, authorised by the Attanagalle Magistrate’s Court, involved a coordinated effort by various authorities, including the police, the Special Task Force (STF), officials from the Mirigama Divisional Secretariat, the Archaeological Department, and the Road Development Authority.

Initially, the court had permitted a two-day excavation, set to end on Friday afternoon. However, after new information was presented, the Veyangoda Police secured an additional day to continue the search, extending the operation into a third day.

On the third day of excavation, authorities resumed their work at 9 a.m., facing challenges from a large stone that obstructed further digging. The stone was eventually broken down in full view of the gathered crowd, but despite these efforts, no treasure, relics, or objects of historical or cultural value were discovered.

At around 4 p.m. yesterday, the excavation was officially called off with the agreement of all the relevant authorities. The operation ended without any significant findings, bringing a close to a highly publicised and closely watched search.

While the result may be disappointing to those who had hoped for a discovery, the authorities have assured the public that thorough measures were taken to explore the area in full.

Experts warn SL to remain cautious of Adani’s Power Project amid US indictment against fraud allegations

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By: Isuru Parakrama

November 24, Colombo (LNW): Sri Lanka must exercise heightened caution regarding the Adani Group’s power project on the island following the recent indictment of the company’s chairman, Gautam Adani, and several others on multiple fraud charges in the United States, experts emphasised in a report by The Hindu.

The charges, brought by federal prosecutors in New York, have raised concerns among experts who urge the Sri Lankan government to closely scrutinise the project’s legitimacy.

Nishan De Mel, the Executive Director of Verité Research, a Colombo-based think tank, highlighted that Sri Lanka has a history of significant corruption cases being exposed in international jurisdictions.

He pointed to the bribery allegations involving SriLankan Airlines’ aircraft procurement from Airbus, which were uncovered through a UK-based investigation, and the revelations in the Pandora Papers, which implicated local politicians and businessmen.

De Mel emphasised the importance of reinforcing anti-corruption measures within Sri Lanka to shield the country from potentially corrupt dealings, stating, “It is critical for Sri Lanka to redouble its efforts to combat corruption and ensure that we are not exposed to fraudulent or unethical deals.

The indictment of Adani and the fraud allegations against his company have sparked a public outcry in Sri Lanka. Activists and concerned citizens have taken to social media, demanding more transparency and accountability regarding the Adani Group’s $442 million wind power project in Mannar and Pooneryn, located in the northern part of the island.

The project, initiated under the former Gotabaya Rajapaksa administration, has been embroiled in controversy since its inception in 2022.

The main opposition parties have accused the Adani Group of securing the project through “backdoor deals,” without a competitive tender process. A former senior official at the Ceylon Electricity Board (CEB) publicly claimed that the project was awarded to Adani following pressure from Indian Prime Minister Narendra Modi.

Although the official later retracted his statement and resigned, the allegations sparked significant debate about the transparency and fairness of the deal.

Despite these concerns, the administration under President Ranil Wickremesinghe has proceeded with the project, even as global scrutiny of the Adani Group intensified in early 2023.

The Adani Group’s financial troubles became widely known when US short-seller Hindenburg Research accused the company of engaging in fraudulent practices, claiming it was involved in the “largest con in corporate history.”

Despite this, Sri Lanka’s Foreign Minister at the time, Ali Sabry, expressed unwavering confidence in the project’s future, asserting that it was a “government-to-government” agreement with India.

Environmentalists and local residents in Mannar have raised additional concerns over the project, arguing that it could have adverse environmental impacts. In early 2023, a legal challenge was filed in Sri Lanka’s Supreme Court, seeking to halt the project on the grounds of insufficient transparency and environmental risks.

The case is set to be heard by a five-judge bench, with the next hearing scheduled for March 2025.

In addition to the wind power project, the Adani Group is also involved in a significant infrastructure project in Sri Lanka. It is leading the development of a container terminal at the Port of Colombo through a joint venture with the Sri Lanka Ports Authority (SLPA) and local conglomerate John Keells Holdings.

In November 2023, the US International Development Finance Corporation (DFC) announced a $553 million investment in the terminal project, which is valued at $700 million.

As the Adani Group continues to expand its footprint in Sri Lanka, concerns over corruption, transparency, and environmental impact remain at the forefront of public discourse.

The Sri Lankan government, therefore, facing increasing pressure to ensure that these projects proceed with full accountability.

Former MPs yet to vacate official residences ahead of new Parliamentary term

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By: Isuru Parakrama

November 24, Colombo (LNW): Nearly 30 former Members of Parliament (MPs) are still occupying their official residences, despite having been instructed to vacate them to make way for newly elected parliamentarians, sources disclosed.

Some of the ex-MPs are in the process of removing their personal belongings, but many have yet to vacate the properties completely.

The government had previously informed the former MPs that their official homes needed to be returned so they could be allocated to incoming parliamentarians.

On November 22, it was reported that only seven of the former MPs had vacated their residences, leaving a significant number still in possession of the properties.

To accelerate the process, the Secretary General of Parliament, Kushani Rohanadeera, recently sent a formal written notice to the former MPs. The letter outlined that, should they fail to leave the residences promptly, vital services such as electricity and water would be cut off.

This warning is expected to push those remaining to comply with the eviction order.

A spokesperson for Parliament explained that the properties are currently undergoing renovations to prepare them for the incoming MPs. These renovations are necessary to ensure the homes meet the required standards for the new parliamentarians.

The official handover of these residences is scheduled for December 03, when the new MPs are expected to take possession of their official housing.

Meanwhile, the Madiwela Housing Complex, which is set to accommodate a number of MPs, has already seen a significant demand. Approximately 35 newly elected MPs have already submitted requests for accommodation at the complex.

Parliament had previously issued a call for applications, specifically targeting MPs whose primary residences are located more than 40 kilometres away from the Parliamentary complex.

Low-pressure area forms over Bay of Bengal, likely to intensify into depression: Heavy rain, strong winds expected (Nov 24)

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By: Isuru Parakrama

November 24, Colombo (LNW): A low-pressure area has formed over southeast Bay of Bengal, and it is likely to move west north-westwards and intensify into a depression over southwest Bay of Bengal on November 25, warned the Department of Meteorology in its daily weather forecast today (24).

The statement added that the system, therefore, may intensify further and move towards the Northern coast of Sri Lanka.

Cloudy skies are expected over most parts of the island due to the influence of the aforementioned system.

Meanwhile, showers or thundershowers will occur at times in the Northern, North-central, Eastern, Central and Uva provinces and in Hambantota district, and showers or thundershowers will occur at several places elsewhere of the island during the evening or night.

Very heavy showers above 150 mm are likely at some places in Eastern and Uva provinces and in Hambantota district. Heavy showers above 100mm are likely at some places in North-central province.

Fairly strong winds of about (30-40) kmph can be expected at times over Northern, North-central and Eastern provinces and in Hambantota district.

The general public is kindly requested to take adequate precautions minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

A low-pressure area has formed over southeast Bay of Bengal. It is likely to move west north-westwards and intensify into a depression over southwest Bay of Bengal on November 25. The system may intensify further and move towards the Northern coast of Sri Lanka. Naval and fishing communities are warned not to venture to the sea areas off the coasts extending from Mannar to Hambantota via Kankasanthurai, Trincomalee, Batticaloa and Pottuvil, from today (24), until further notice.
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas around the island.
Winds:
Winds will be north-easterly in direction in the sea areas around the island. Wind speed will be (30-40) kmph in the sea areas around the island. Wind speed can increase up to (60-70) kmph at times in the sea areas off the coasts extending from Mannar to Hambantota via Kankasanthurai, Trincomalee, Batticaloa and Pottuvil.
State of Sea:
The sea areas extending from Mannar to Hambantota via Kankasanthurai, Trincomalee, Batticaloa and Pottuvil will be very rough to high at times. The other sea areas around the islandwill be moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

Education Ministry Addresses Protests at Ruhuna University

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November 23, Colombo (LNW): Higher Education and Vocational Education Ministry Secretary Nalaka Kaluwewa assured that the concerns raised by stakeholders involved in the ongoing protest at Ruhuna University are being actively addressed and a resolution will be provided soon.

The protest, jointly organized by students, academic staff, and non-academic trade unions, demands the removal of Vice-Chancellor Prof. Sujeewa Amarasena.

Secretary Kaluwewa stated that the Ministry has a comprehensive understanding of the issues and is currently engaging with all parties involved. “We are carefully considering their concerns and will take an appropriate decision shortly,” he said.

Third Review of IMF Extended Fund Facility Successfully Concluded

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November 23, Colombo (LNW): Discussions for the third review of the International Monetary Fund’s Extended Fund Facility (EFF) programme were successfully concluded yesterday (22) at the Presidential Secretariat.

The meeting was attended by an IMF delegation led by Senior Mission Chief Peter Breuer, while the Sri Lankan government was represented by Labour Minister and Economic Development Deputy Minister Prof. Anil Jayantha Fernando.

The successful conclusion of these discussions marks a significant step in advancing Sri Lanka’s ongoing engagement with the IMF under the EFF programme.

Fitch Ratings Highlights Sovereign Credit Profile as Key to Sri Lankan Banks

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November 23, Colombo (LNW): Fitch Ratings stated that Sri Lankan banks’ operating environment and credit profiles could improve with a better sovereign credit profile, particularly after completing foreign-currency debt restructuring.

Sri Lanka’s current sovereign ratings of Long-Term Foreign-Currency IDR: RD and Long-Term Local-Currency IDR: CCC- indicate the financial challenges faced by the country. These ratings directly impact the banks due to their significant exposure to domestic economic conditions, including 33.4% of assets in local-currency treasury instruments and 3.4% in foreign-currency instruments as of mid-2024.

The rating agency noted that improved sovereign financial health would enhance the national ratings of large Sri Lankan banks, reflecting their relative creditworthiness compared to other issuers. Fitch emphasized that state-owned banks have higher sovereign exposure, particularly in lending to public sector entities, and their ratings currently exclude assumptions of government support due to the state’s financial constraints.

With pressures on liquidity easing and banks actively preserving their resources, Fitch expects Sri Lanka’s banks to regain access to foreign-currency wholesale funding once the sovereign credit profile is restored. A successful debt restructuring is anticipated to significantly reduce challenges for the banking sector and improve financial conditions.

Fitch recalibrated its Sri Lankan national rating scale in January 2023 following the sovereign downgrade to CC, illustrating the interconnectedness of sovereign and institutional creditworthiness. A sustained improvement in the sovereign’s financial flexibility could reshape the banking sector’s outlook and enhance stability in the broader financial system.

Strong Growth in Colombo’s Apartment Market despite Economic Fluctuations

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The Research Intelligence Unit (RIUNIT) recently reported impressive growth in apartment prices across Colombo and its suburbs, highlighting the city’s real estate market as a resilient and attractive investment option.

According to the latest data, average apartment prices in Colombo City have risen by 15.66% year-on-year, with an 11.91% increase observed year-to-date (in USD terms). This reflects consistent price appreciation despite economic volatility.

The most notable growth occurred in Tier 3 apartments, especially in Colombo 13, where prices surged by 58% from $71 to $112 per square foot between October 2023 and October 2024. Tier 1 apartments in Colombo 3 saw a more moderate increase of 3%, indicating a stable market.

Although land prices in Colombo dropped early in 2023, apartment values have continued to rise, demonstrating the sector’s resilience. Additionally, land prices have begun to recover since late 2023, contributing to a broader market rebound.

The suburban market also showed strong growth, with Ethul Kotte leading Tier 2 apartments, which saw a 29% year-on-year increase. Ratmalana stood out in the Tier 3 segment as well, underscoring the growing demand for affordable, well-connected housing in suburban areas.

This upward trend suggests that both global and local investors are increasingly recognizing the potential of Colombo’s real estate market for long-term returns. 

The steady rise in apartment prices reflects strong demand and investor confidence in the city’s real estate sector, positioning it as a key asset for both capital appreciation and rental income.

RIUNIT CEO Roshan Madawala emphasized the importance of accurate, timely market intelligence in real estate, as the company continues to expand across Asia and beyond, marking 21 years of leadership in market research and consultancy.

This growth trajectory reflects shifting investor sentiment as global and local buyers recognise Colombo’s real estate market for its medium- to long-term gains. 

The continuous rise in apartment prices not only highlights strong demand but also demonstrates confidence in Colombo as a thriving hub for residential and investment opportunities.

 Both the investors and homeowners are likely to see Colombo apartments as a cornerstone of portfolio diversification, combining stable yields and potential capital gains.

RIUNIT CEO Roshan Madawala said: “Whilst monitoring real estate market movement is not an exact science, we at RIUNIT make maximum effort to triangulate our market intelligence from multiple sources. In this regard, we provide timely and critically important information to our clients.”

In early 2024, RIUNIT marked its 21st anniversary, celebrating over two decades of excellence in market research and consultancy. The company also announced its continued expansion across Asia and beyond, solidifying its position as a leading market research firm with deep expertise in real estate.

SriLankan Airlines Wins 2025 APEX Best Entertainment Award 

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SriLankan Airlines has earned the prestigious 2025 APEX Best Entertainment Award for the Central/Southern Asia region, a recognition unveiled at the FTE APEX Asia Expo held in Singapore on November 20, 2024. 

This honor is especially significant as the APEX Awards are based exclusively on verified passenger feedback, which reflects the experiences of over one million flights from 600 airlines. The awards focus on critical elements such as seat comfort, cabin service, in-flight entertainment, and meal quality.

Additionally, SriLankan Airlines has maintained its exceptional standing as a ‘Four Star Major Airline’ in the 2025 APEX Official Airline Ratings, marking an impressive eighth consecutive year in this category.

Maria Sathasivam, Manager of Product Development at SriLankan Airlines, expressed her pride in the award, stating:

“We are thrilled that our passengers have rated SriLankan Airlines as having the best inflight entertainment in this region. 

We understand that a passenger’s overall inflight experience is influenced by many factors, and entertainment plays a pivotal role in improving satisfaction and making the journey more enjoyable.

 We’ve carefully curated our content to reflect current trends and ensure our passengers are engaged throughout their flight.”

The airline’s in-flight entertainment (IFE) system offers a wide variety of Hollywood blockbusters, the latest releases, and an extensive selection of regional films, including popular titles from Sri Lanka and South Asia. 

Passengers have access to a broad range of genres such as action, comedy, drama, adventure, animation, family-friendly content, musicals, sci-fi, and sports, all available in multiple languages. 

The system also features over 100 audio albums, blending international hits with beloved local classics to cater to diverse musical tastes.

This latest accolade underscores SriLankan Airlines’ steadfast dedication to providing remarkable travel experiences. It is part of a growing list of achievements that highlight the airline’s focus on passenger satisfaction, including the 2022 Passenger Choice Awards for Best Cabin Service and Best Wi-Fi in Central/Southern Asia, the 2023 APEX Passenger Choice Awards for Best Food & Beverage and Best Seat Comfort, and the 2024 IFSA Award for Best Inflight Food or Beverage Innovation for its “SriLankan Flavours” menu. Most recently, the airline also received the 2024 APEX Passenger Choice Award for Best Wi-Fi in Central/Southern Asia