In line with His Excellency the President's "A Thriving Nation - A Beautiful Life" policy framework, aimed at encouraging local companies to bring capital and technology for energy projects, the Ceylon Electricity Board, Sobadhanavi Limited, and nine local banks (Hatton National Bank, Sampath Bank, Commercial Bank, Nations Trust Bank, NDB Bank, People’s Bank, National Savings Bank, Cargills Bank, and Bank of Ceylon) signed a direct agreement yesterday (October 10th) at the CEB Headquarters to provide the financial backing for the construction of the Kerawalapitiya "Sobadhanavi" Combined Cycle Power Plant.
The construction of the Sobadhanavi Liquefied Natural Gas (LNG) power plant is expected to be completed in the first quarter of 2025. The plant will operate using LNG, a clean energy source, and will significantly reduce greenhouse gas emissions, contributing to the environmental targets that Sri Lanka aims to achieve.
CEB extends its gratitude to the consortium of local commercial banks for providing the much-needed capital for this power plant, given the challenges faced in securing foreign financing. This project is expected to greatly contribute to delivering a reliable and high-quality electricity supply to the country's consumers at minimal cost, while enhancing system stability and increasing the integration of renewable energy into the grid. Sobadhanavi Limited and the consortium of local banks are investing over 65 billion Sri Lankan Rupees in this project.
