Japanese consortium to invest US $ 15 m

The signing of the agreement. From left: Director/Tokyo Kyodo Accounting, Yoshikazu Noda, Director, Shitatsyoji Co. Ltd, Tatsuhiro Shibata, Director, Sawada Co., Hiroki Sawada, Director, TAD Lanka Investments, Atheeq Ansar, Director, WQ Inc., Steffen Studeny, Director, Sierra Holdings, Frank Irugalbandara and Partner, Tokyo Kyodo Accounting, Ryutaro Uchiyama.
The signing of the agreement. From left: Director/Tokyo Kyodo Accounting, Yoshikazu Noda, Director, Shitatsyoji Co. Ltd, Tatsuhiro Shibata, Director, Sawada Co., Hiroki Sawada, Director, TAD Lanka Investments, Atheeq Ansar, Director, WQ Inc., Steffen Studeny, Director, Sierra Holdings, Frank Irugalbandara and Partner, Tokyo Kyodo Accounting, Ryutaro Uchiyama.

A multi-million dollar project to establish a solar power plant in Sri Lanka is underway with investment by a consortium of three Japanese companies.

The companies, Shibatasyoji Co. Ltd., SAWADACo. Ltd., and WQ Inc are renowned for their expertise in establishing solar power plants in Japan and this pioneering scheme in venturing out to Sri Lanka will provide the country with the optimum knowledge in this area of competence.

Shibatasyoji Co., Ltd., and SAWADACo. Ltd are the main investors while WQ Inc. will provide the main components to the project.

The Japanese experts conducted extensive research in this field, concluding that Sri Lanka is one of the most viable countries for solar power. In addition, the Sri Lankan government’s announcement in 2015 stating its interest to establish a series of solar power plants in the country gave it the needed boost in laying the groundwork for this project.

The project is in partnership with TAD Lanka Investments, the local facilitating partner for the Project, and Sierra Technology Holdings (a subsidiary company of Sierra Holdings), the local EPC partner for the project.

“This project will set the benchmark for future projects of this calibre in Sri Lanka paving the way to meet the impending power crisis and we are willing to give our unstinted support towards reaching success in this field,” a representative of the Japanese Consortium said.

Director/CEO of TAD Lanka Investments, Atheeq Ansar said, “TAD Lanka Investments is proud to be involved in this gigantic venture which provides the country with stability and certain growth in the technology that promotes the usage of sustainable and renewable energy. It also addresses the crisis at hand, while opening variable opportunities for further investment to Sri Lanka in this area.” The signing ceremony took place last Friday between the Japanese Consortium and the two local entities with an initial commitment of establishing a 10 Mw solar power plant and a pledge to invest in a 100Mw solar power plant in the future. The decision for the pledge will depend on the success on this primary effort, which will be monitored closely.

The target is to establish the project within a maximum time frame of eighteen months, which depends entirely on the Sri Lankan government’s willingness to issue Standard Power Purchase Agreements (SPPA) to potential Investors.

The Government’s efficiency in processing the SPPA with expedite the establishment of the solar power plants by the investors. This project is a welcome effort as experts predict the power crisis which Sri Lanka is due to face in 2018 due to the inability to cope with the high demand for power. Such projects are of vital importance to improving the stability and Infrastructure of the country. TAD Lanka Investments (TAD) was founded in May 2016, for the main purpose of streamlining and safeguarding all types of foreign investments and investors channeled to Sri Lanka. 

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