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
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.