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Wednesday February 1st, 2023

Sri Lanka CEB to get US$200mn loan from ADB for 100MW windfarm

ECONOMYNEXT – Manila-based Asian Development Bank will loan Sri Lanka’s state-run Ceylon Electricity Board 200 million US dollars under a sovereign guarantee to build a wind farm in the northern Mannar island.

"The new Wind Power Generation Project will not only provide access to a clean and reliable power supply in Sri Lanka, but also create an environment for further wind power development through future public-private partnerships," Mukhtor Khamudkhanov, an ADB Principal Energy Specialist said in a statement.

"Diversifying the country’s power generation through clean, renewable energy sources will improve the country’s energy security and environment."

Sri Lanka’s national electricity grid has a high share of renewable energy, mainly with large hydros which are cheap. But renewables are subject to variations in weather, which requires the utility to build thermal back-up.

In June 2016, CEB generated 38 percent of the total 1,176 GigaWatts of energy with its own large hydros and 172 MW with more expensive non-conventional renewable energy making a total share of 53 percent.

In June 2017, renewable energy generation fell to 32.7 percent amid a drought.

Opposition to coal plants has meant that higher cost liquid fuel plants are ultimately built pushing costs up, analysts have said.

ADB said in addition to the wind farm the project will build associated infrastructure, such as internal cabling and access roads, energy dispatch control center, and reactors to manage voltage levels.

The project will also establish the procedures to enable the Ceylon Electricity Board to act as a wind park developer that can attract the private sector in future wind power generation.

These include establishing cost benchmarks and conducting competitive bidding for future wind power projects, and managing the flow of intermittent wind energy through the power system. (Colombo/Oct30/2017)

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Sri Lanka coconut prices ease at auction

ECONOMYNEXT- Sri Lanka’s coconut auction prices fell in the last auction in January 2023, with average prices going down by 4.1 percent at an auction on January 26, data showed.

The average price for 1,000 nuts fell to 80.811.89 from 84,116.85 a week earlier at the weekly auction conducted by Sri Lanka’s Coconut Development Authority.

The highest price was 87,300 rupees for 1,000 nuts down from the previous week’s 90,200 rupees, while the lowest was 72,500 down from 73,000 rupees.

The auction offered 469,564 coconuts and 300,983 nuts were sold. (Colombo/ Feb 01/2023)

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Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)

 

 

 

 

 

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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