An Austrian-based firm, 365 Future Energy from Brisbane, is contemplating reinvesting approximately USD 80 million to establish Sri Lanka’s inaugural solar energy park equipped with backup storage in Mattala Hambantota.
CEO & Director Isuru Yapa, speaking from Australia, revealed that they are on the verge of completing a substantial USD 400 million solar venture, inclusive of a backup storage facility, in Brisbane, generating 300 MW of power.
“This endeavor is a collaboration between Australian, South Korean, and Sri Lankan investors. Currently at its midway point, the project is slated for completion by year-end,” stated Yapa.
Discussing the Australian energy market dynamics, Yapa elaborated on revenue-generating avenues, highlighting the advantageous Power Purchase Agreement (PPA), which yields approximately half an Australian dollar per unit. “Alternatively, our second scheme allows for power storage and direct sale to private energy operators, fetching more than double the PPA unit price,” he added. Yapa also underscored Australia’s extensive 4,000 KM plus power line infrastructure, potentially facilitating power supply from Queensland to Perth.
Reflecting on their foray into Sri Lanka’s solar energy sector in 2019, Yapa mentioned an initial investment of nearly Rs 200 million in acquiring a 250-acre plot in Mattala, alongside other logistical preparations. “We have also incurred approximately Rs 5 million in fees for approvals from the Sustainable Energy Authority, and conducted feasibility studies, costing around Rs 50 million, in collaboration with South Korean Hyundai and Indian Tata Company,” Yapa explained. Despite encountering delays due to changing ministerial leadership, the investment consortium remains resolute in infusing fresh capital, estimated at nearly USD 80 million, to jumpstart the project, envisaged to inject 50 MW into the national grid.
“We have engaged with senior officials from the Ministry of Power and Energy and other relevant authorities to reinvigorate this project,” Yapa affirmed. Furthermore, 365 Future Energy boasts diversified ventures across the globe, including operational sand and aggregate quarries in Australia, Papua New Guinea, and Sri Lanka.
