Sri Lanka renewable energy costs are higher than India amid risks says energy minister

Sri Lanka
By Editor_1
Wind turbines generating electric power with renewable energy against golden sunset at Mandvi seaside ,Kutch, Gujarat, India - Shutterstock

COLOMBO – Sri Lanka is paying higher rates to renewable power developers than India due to several reasons including a risk premium after a sovereign default, Energy Minister Kanchana Wijesekera said.

Questions had been raised including in the Parliament as to why Sri Lanka’s solar and wind power purchase prices appeared to be higher than India’s.

“When investors are looking at the country they also account for the risk in the country,” Minister Wijesekera said.

“We call it the risk premium. There can be risk insurance. Even the Asian Development Bank and the IMF also evaluate before giving.

“So we cannot compare India’s renewable tariffs with Sri Lanka.”

Transporting and fixing wind was also more costly in Sri Lanka as specialist equipment had to be brought to carry wind turbines and towers within the country, he said.

India produced solar panels and parts for wind and transmission equipment which can reduce costs, he said.

Some renewable energy projects were also larger than Sri Lanka he said.

Energy sector analysts say India has one of the best competitive bidding systems in the world which is helping drive down costs.

India in 2023 also released guidelines for competitive bidding with Energy Storage Systems with ‘dispatchable and firm’ energy.

The lowest bid had been reduced to 10MW from an earlier 50MW, according to reports.

-economynext.com

Editor_1
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