Sri Lanka can meet its current and future electricity demand through the use of renewable energy by 2050, according to a joint study by the UN Development Program (UNDP) and Asian Development Bank (ADB).
The study found that by 2050, Sri Lanka’s installed electricity generation capacity needs will increase from the current 3,700 MW to about 34,000 MW. Of this, 15,000 MW is expected to be provided through wind energy and about 16,000 MW from solar energy. The balance of the capacity is expected to be met by hydro and biomass based power projects.
The study also pointed out, to ensure stability of the electricity grid there’s a need to introduce electricity storage solutions that should enable instantaneous power of 3,600 MW and energy storage capacity of 15,000 MWh.
The report estimates, to transition to 100 percent electricity generation by renewable energy, Sri Lanka will need an investment of $50 billion. It also emphasizes the need to develop the ancillary services market due to changes in the generation system.
“ADB has expressed its continuous support to low-carbon development of Sri Lanka,” said Priyantha Wijayatunga, Director, South Asia Energy Division. “Recent proposals including a rooftop solar program and a large-scale wind power project demonstrate ADB’s commitment in this regard. This assessment report can serve as a comprehensive example for future utilities globally on how decentralized clean energy services can be governed.”
Mercom previously reported that the IFC will collaborate with Sri Lanka’s Commercial Bank of Ceylon on a $100 million financing structure to help the bank increase lending for renewable energy and energy efficiency projects in Sri Lanka.
Image Credit: UNDP
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.