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Sri Lanka commissions sectors. energy can help India create a million job
The delegation comprised represen-
opportunities up to 2022, power rural
103.5MW wind farm with tatives of Lanta and Musko Indus- livelihoods, and boost economic recovery.
As one of the fastest growing renewable
bird radar trial bank, NRNA ex chair Upendra energy markets worldwide, India needs clean
Mahato, NRNA vice-chair Badri
energy investment of at least $20-$30 billion
Sri Lanka’s state-run Ceylon Electricity Board KC among others. annually, much higher than the average
has commissioned a 103.5 MegaWatt wind investment over the last five years of $8 to $10
power plant in the North Eastern region billion per year. PM Modi highlighted the
of Mannar, which could produce up to 380 growing demand—over 36 GW in the next
million kilowatts of electricity a year. RENEWABLES three years—for domestic manufacturing of
The plant was declared open on December solar PV.
08, by Prime Minister Mahinda Rajapaksa. India calls for increased India’s call for increased investment
It is the largest wind farm in the country. underscores the need for private domestic and
The power plant dubbed ‘Thambapavani’ clean energy investment international funding, as public funding alone
was built by the Ceylon Electricity Board with is not enough to meet India’s climate goals.
a 140 million dollar credit from the Asian As the world nears five years of the historic Although the total foreign direct investment
Development Bank. Paris Climate Agreement, India has called in the country has been steadily increasing
The wind plant which is located on a key for greater global investment in the country’s over the years, clean energy and low-carbon
Asian bird migration path is equipped with clean energy future. Prime Minister Modi, infrastructure forms a very small part of
radar that can detect flying flocks and shut speaking at the 3rd Global Re-Invest, India’s the capital influx. Even domestic private
down the turbines. marquee renewable energy conference, and institutional investors have so far been
The wind farm has 30 wind turbines of made a strong case pitching the country as peripheral clean energy investors in part due
3.45 MW power plants. an attractive renewable energy investment to higher perceived risk and smaller ticket size
Construction of the plant began in destination. of clean energy projects. To grow the scale
March 2019. The engineering procurement India, the world’s fourth largest renewable of investments, the market needs a variety of
contract was won by Vestas Asia Pacific AS of energy market, needs to significantly scale financial products for mitigating risks and
Denmark. up investment if it has to meet its goals of creating a robust climate financing ecosystem.
increasing renewable energy capacity fivefold
to reach 450 gigawatts by 2030. In addition
INVESTMENT to fighting the climate crisis, renewable

Russia eager to invest in

energy sector in Nepal

Russia has expressed its interest in investing in
the energy sector of Nepal.
Aleksei A. Novikov, Ambassador of Russia
to Nepal, while paying a courtesy call on
Minister for Energy Barsha Man Pun here
today, shared the interest in investing in
Nepal’s hydro sectors. Ambassador shared that
Russian banks Lanta and Musko Industrial
were presenting their proposals in investing in
the hydro sector.
The delegation further shared that
the investment will be on Govern-
ment to Government modality. On
the occasion, the delegation in-
quired with Minister Pun about the
energy laws and market in Nepal.
Responding to the query of Am-
bassador Novikov, Minister Pun
shared that the internal and region-
al market of the energy was good.
Minister Pun also thanked Russia
for its support to Nepal in different

P14 www. NEWSBASE .com Week 49 09•December•2020