GCL China to invest USD 200 Mn in 200 MW renewable energy firm in SL
GCL China, one of the leading renewable energy companies in the world will invest USD 200 million to build, install and generate 200 MW of renewable energy to the national grid in Sri Lanka.
GCL China with their facilitator in Sri Lanka, Sri Lanka MAAVI Agro Lanka International Pvt. Ltd will build two 50 MW generating solar plants and two 100 MV generating wind power projects.
Mahindaratne Thennakoon the Chief of the Mission and Consultant for the project said that this proposal has been given to President’s Chief of Staff Sagala Ratnayaka and Minister of Power and Energy Kanchana Wijesekara and Investment Promotion State Minister Dilum Amunuguma, the Ceylon Electricity Board and Sustainable Energy Authority to obtain necessary approvals. GCL is an integrated energy services provider that specializes in clean energy with diversified development of related industries. The business of GCL covers power, PV, oil, gas, green smart city, and finance. In addition, the company is into the manufacture of semiconductor material, power batteries, new energy vehicles, and many other technically advanced projects.
It also has several listed companies in Hong Kong that includes, GCL Technology Holding Ltd, GCL System Integration, GCL New Energy and GCL energy technology all listed in Hong Kong. GCL’s investments are also in Hong Kong, Taiwan, Africa, North America, Southeast Asia, and Europe. China, They also have ongoing projects in 31 cities and autonomous regions in China.
“After they start investing in renewable energy projects in Sri Lanka several of their associate companies too will enter Sri Lanka bringing higher value FDI to Sri Lanka.”
Sri Lanka MAAVI Agro Lanka International has also installed several Hydro Power generation projects in Sri Lanka and are also involved in the construction sector. As the world-leading PV material manufacturer and the prominent domestic non-public electric power enterprises, GCL has achieved the second position of installed capacity of PV power plants in the world. Being the leading new energy enterprises, Chinese enterprises.
GCL has been ranked the second among top 500 global new energy enterprises. MAAVI Agro Lanka International after signing this MoU with relative authorities will help to bring more investment to Sri Lanka in diversified fields.
MAAVI AGRO will do all the investment negotiations for this project. “We have also signed power purchase agreements with CEB for several power projects.” (SS)