A new company, Sri Lanka Energy (Pvt) Ltd established under the Ceylon Electricity Board (CEB) last week, is to develop 130 mini hydro power plants aimed at adding 250MW of power to the national grid.
Power and Energy Minister Patali Champika Ranawaka told the Business Times that the new company was set up to revive ailing energy projects in the island with the assistance of the CEB, Lanka Electricity Company and Lanka Transformers Ltd.
The new entity will promote renewable energy projects as well, he said adding that solar and wind power will become the cheapest energy sources by 2017 or 2020.
Coal power will become the most expensive energy source in the world in the next 10 years.
Mr. Ranawaka said the new company could play a vital role through renewable energy projects, as there is a growing importance of using renewable energy sources, in the face of climatic change and global warming.