Sri Lanka, India enter $500 million coal power deal

Sri Lanka and India Monday announced a finalised $512-million joint venture coal-powered electricity plant in the island’s former warzone, after years of delay.

The venture between the two South Asian neighbours will see the construction of two power generators of 250 megawatts each in Sri Lanka’s north-eastern district of Trincomalee.

Sri Lanka’s energy ministry said construction would begin within a year and the plant will be connected to the national grid by 2018, providing cheaper electricity.

Sri Lanka currently depends on expensive diesel powered plants to meet demand that cannot be fulfilled by hydroelectricity.

The joint venture had been dragging since 2005 due to “various issues”, the ministry said, giving no further details.

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