IFC invests $3.8m in windpower projects

IFC, a member of the World Bank Group, is investing $3.8 million in Sri Lanka's SENOK Group to help the company diversify its portfolio to include windpower projects that will boost the generation of renewable energy and increase the country's power sources.

SENOK will fast-track two new 10-megawatt wind plants in the Kalpitiya region though its two companies - SENOK Wind Energy (Pvt) Ltd and SENOK Wind Resource (Pvt) Ltd. The project will help establish a benchmark for renewable energy projects.

"We welcome IFC's contribution and support of our plans to increase renewable energy sources in Sri Lanka," said SENOK Group's Director Finance Pancherine Dias. "This partnership will pave the way for more investments and increased interest in the development of wind power in Sri Lanka."

SENOK's windpower project fits into Sri Lanka's National Energy Policies and Strategies to produce 10 percent of the country's electricity requirements through non-conventional renewable energy sources by 2015.

The company will build the two windpower plants in two phases, with the first phase expected to be completed in December 2011. Both wind farms will supply energy to Sri Lanka's national grid.

"The SENOK project is IFC's first direct investment in windpower in Sri Lanka, and we are proud to support the country's initiatives in the wind sector," said IFC Regional Industry Director - Asia, Infrastructure, and Natural Resources Anita George.