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 wind-power projects that will boost the generation of renewable energy and increase the country’s power sources.
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| Seen here at the signing of the investment agreement. From left -- Anita George - IFC Regional Industry Director - Asia, Infrastructure, and Natural Resources, Noel Selvanayagam - President, Senok Group, and Pancherine Dias - Senok Group’s Director of Finance. |
IFC’s investment will help develop Senok’s capacity in renewable energy and support the company’s plans to adopt global environmental and social practices. Under the project, the company will fast-track two new 10-megawatt wind plants in Sri Lanka’s Kalpitiya region though its two subsidiaries—Senok Wind Energy (Pvt) Ltd and Senok Wind Resource (Pvt) Ltd.
The agency said Senok’s wind-power project fits into Sri Lanka’s National Energy Policies and Strategies to produce 10 % of the country’s electricity requirements through non - conventional renewable-energy sources by 2015.
The company will build the two wind-power 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. |
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