IFC support for renewable energy wind-power projects

IFC, a member of the World Bank Group, is investing $ 3.8 million in Sri Lanka’s Senok Group to help the company diversify its portfolio to include wind-power projects that will boost the generation of renewable energy and increase the country’s power sources.

IFC’s investment will help develop Senok’s capacity in renewable energy and support the company’s plans to adopt global environmental and social practices.

Under the project, Senok will fast-track two new 10-megawatt wind plants in Kalpitiya region though its two companies Senok Wind Energy (Pvt) Ltd and Senok Wind Resource (Pvt) Ltd.

This project also will help establish a benchmark for similar renewable-energy projects in the future.

“We welcome IFC’s contribution and support of our plans to increase renewable-energy sources in Sri Lanka,” Senok Group’s Finance Director Pancherine Dias said.

“This partnership will pave the way for more investments and increased interest in the development of wind power in Sri Lanka,” he said.

Senok’s wind-power project fits into Sri Lanka’s National Energy Policies and Strategies to produce 10 percent of the country’s electricity requirements through nonconventional renewable-energy sources by 2015.

The company will build the two wind-power plants in two phases, with the first phase expected to be completed in December 2011. Both wind farms will supply energy to Sri Lanka’s national grid.