Press briefing of Cabinet Decision taken on 2023-03-27

Memorandum of Understanding for the Corporation in the Field of Renewable Energy

- Obtaining a 70% of the total electricity requirement from the renewable energy sources by the year 2030, being energy independent and achieving carbon neutrality by 2050 have declared as a policy by the Government. Aiming to achieve that stability, the Government of the Republic of India has agreed to promote and strengthen corporation in the field of renewable energy by jointly undertaking and /or facilitation power generation projects utilizing solar energy, wind energy including off shore wind, power generation projects relating to Bio mass and dedicated transmission infrastructure at mutually agreed locations in Sri Lanka including locations in the Northern and Eastern provinces jointly by private and public sector enterprises of India and Sri Lanka. As such, the proposal made by the Minister of Power and Energy to enter into a Memorandum of Understanding for the Corporation in the Field of Renewable Energy, between the Republic of India and the Government Of Sri Lanka, was approved by the Cabinet.