An Austrian company, 365 Future Energy based in Brisbane, is looking to invest USD 80 million in Sri Lanka’s first solar energy park. This ambitious project, planned for Mattala Hambantota, will also boast a backup storage facility, a significant step forward for the nation’s energy landscape.
Isuru Yapa, CEO & Director of 365 Future Energy, brings experience from a similar large-scale project in Brisbane. There, his company is nearing completion on a USD 400 million solar venture with backup storage, generating 300 MW of power. This Australian project is a joint effort between Australian, South Korean, and Sri Lankan investors, showcasing the potential for international collaboration in renewable energy.
Yapa highlights the flexible revenue generation options available in Australia’s solar energy market. They can sell their power under a power purchase agreement (PPA) or directly to private energy operators, with the latter offering a significantly higher price per unit. Australia’s extensive national power grid, stretching over 4,000 kilometers, also presents opportunities for broader electricity distribution.
365 Future Energy entered the Sri Lankan market in 2019, demonstrating a long-term commitment to the country’s renewable energy future. They invested nearly Rs 200 million for a suitable 250-acre plot in Mattala and covered necessary logistical expenses. Additionally, the company spent Rs 5 million on approvals from the Sustainable Energy Authority and a further Rs 50 million on feasibility studies conducted in collaboration with South Korean Hyundai and Indian Tata Company.
However, the project faced delays due to ministerial changes within the Sri Lankan government. Despite these setbacks, the investment consortium – a partnership between Australian, Sri Lankan, and South Korean companies – remains enthusiastic. They are prepared to inject fresh capital of USD 80 million to get the project back on track. This solar energy park, with a projected capacity of 50 MW, would be a valuable addition to Sri Lanka’s national grid.
365 Future Energy’s commitment extends beyond this solar project. The company has a diversified global presence, with operational sand and aggregate quarries in Australia, Papua New Guinea, and Sri Lanka. This experience positions them well to contribute significantly to Sri Lanka’s infrastructure development and its transition towards a more sustainable energy future.