Grid-Connected Solar Power Generation
Grid-Connected Solar Power Generation
Business Model Description
Invest in or provide project financing for large-scale ground-mounted and floating Solar PV power generation to supply the generated capacity to the national grid for residential and industrial/commercial consumption.
Over 50 solar ground mounted on-grid plants and 40 private sector companies contributing to about 100 MW capacity (17). In case of Solar PV rooftop industry, about 450 project developers/service providers registered at SLSEA (18). Examples of companies active in the IOA space:
WindForce ventured into solar in 2016 with its domestic and overseas solar power projects in Ukraine, Uganda and Pakistan. In 2021 it had 10 (6- SL and 4 - overseas) ground mounted solar and 2 rooftop solar projects with a total capacity of 136.23 MW. All projects have been successful in generating electricity for national use (10).
Regen Renewables (Pvt.) Ltd was established in 2013. The company is the recipient of a Presidential Award in 2017 from the Ministry of Power & Energy and Sri Lanka Sustainable Energy Authority for the contribution to the "Battle for Solar Energy", National Programme for the promotion of rooftop solar PV (11).
Nikini Solar, in 2008, was the first company in Sri Lanka to enter into a net metering agreement for its Solar PV System at their head office with the Ceylon Electricity Board. It is a division of Nikini Automation Systems (Pvt.) Ltd., and is an all-in-one solar energy provider. The company provides grid connected solar PV systems for domestic, industrial and commercial establishments. (12)
Expected Impact
Solar-based electricity generation to serve household, commercial, industrial, e-mobility needs and increase the proportion of RE in the total energy mix
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Sri Lanka: Southern Province
- Sri Lanka: Northern Province
- Sri Lanka: Eastern Province
- Sri Lanka: Western Province
- Sri Lanka: Uva Province
Sector Classification
Renewable Resources and Alternative Energy
Development need
The dependence on imported fossil fuels is a critical challenge and has adverse impacts on energy security (specifically the current power outages). Yet, there is a huge renewable energy (RE) resource potential, estimated as 133 GW (1), (2). The sector also lacks reforms particularly for renewable energy integration. 2020 solar capacity 17% of the total RE capacity(3)
Policy priority
2021 National Budget and updated Nationally Determined Contributions (NDCs) in September 2021 (6) specifies the target of achieving 70% of power generation from Renewable Energy (RE) sources by 2030. The Sustainable Energy Authority of Sri Lanka (SLSEA) estimates a total RE capacity addition of 8,560 MW by 2030 to achieve this (5).
Gender inequalities and marginalization issues
As per 2020 data, although ~100% population has access to grid electricity (16), there are shortfalls in power supply such that most communities are impacted, particularly MSMEs and rural communities, thereby leading to economic losses. The affordability of electricity is also threatened due to an increase in generation costs with global crude oil price rises.
Investment opportunities introduction
Installed renewable energy generating capacity was 2,447 MW in 2020 (3). However, majority of renewable energy generation is from hydro, with limited contribution from solar and wind, their resource potential is huge. Total technical potential is estimated as: wind 101,900 MW, ground-mounted solar PV 26,600 MW, floating solar PV 1,500 MW (1)(2).
Key bottlenecks introduction
Lack of land availability; Grid Infrastructure and integration issues; lack of long-term data on resources; limited industrial environment to support large scale development, deployment and operation; limited access to green finance.
The existing law does not allow power wheeling and multi-buyer model, limiting the scope of renewable energy projects.
Alternative Energy
Development need
Renewable Energy (RE) accounted for approximately 35% of the total energy mix in 2019 and 2020. Coal and oil contributed to more than 60% of total generation mix in the same period. Therefore, there is scope for increasing the contribution from solar PV, which has very high potential covering many districts. Estimated growth in electricity demand is 4.7% (2022-2046) (3)
Policy priority
2021 National Budget and updated Nationally Determined Contributions (NDCs) in September 2021 (6) specify the target of achieving 70% of power generation from Renewable Energy (RE) sources by 2030. SLSEA estimated solar capacity addition of 4,600 MW by 2030 through rooftop (1,100 MW), floating (800 MW) and ground-mounted (2,700 MW) plants (5)
Gender inequalities and marginalization issues
Overdependence on imported fossil fuels is threatening energy security and affordability, with high generation costs, leading to economic losses, especially for vulnerable groups (MSMEs and rural communities). Power generation from rooftop solar can improve household income and generate jobs for women, particularly under the installation segment.
Investment opportunities introduction
Out of the RE capacity of 8,560 MW, estimated to be achieved by 2030, Solar PV capacity of 4,600 MW is expected through rooftop, floating and ground-mounted systems (5). As Sri Lanka has pledged net-zero carbon by 2050, further opportunities for investment are expected to emerge in the long-term.
Key bottlenecks introduction
The current tariff regime does not reflect the cost of generation. Also, some projects are not bankable given the exchange rate risks. The CEB Act also restricts multi buyer models, thereby allowing power wheeling to take place in order to make projects viable and attractive.
Solar Technology and Project Developers
Pipeline Opportunity
Grid-Connected Solar Power Generation
Invest in or provide project financing for large-scale ground-mounted and floating Solar PV power generation to supply the generated capacity to the national grid for residential and industrial/commercial consumption.
Over 50 solar ground mounted on-grid plants and 40 private sector companies contributing to about 100 MW capacity (17). In case of Solar PV rooftop industry, about 450 project developers/service providers registered at SLSEA (18). Examples of companies active in the IOA space:
WindForce ventured into solar in 2016 with its domestic and overseas solar power projects in Ukraine, Uganda and Pakistan. In 2021 it had 10 (6- SL and 4 - overseas) ground mounted solar and 2 rooftop solar projects with a total capacity of 136.23 MW. All projects have been successful in generating electricity for national use (10).
Regen Renewables (Pvt.) Ltd was established in 2013. The company is the recipient of a Presidential Award in 2017 from the Ministry of Power & Energy and Sri Lanka Sustainable Energy Authority for the contribution to the "Battle for Solar Energy", National Programme for the promotion of rooftop solar PV (11).
Nikini Solar, in 2008, was the first company in Sri Lanka to enter into a net metering agreement for its Solar PV System at their head office with the Ceylon Electricity Board. It is a division of Nikini Automation Systems (Pvt.) Ltd., and is an all-in-one solar energy provider. The company provides grid connected solar PV systems for domestic, industrial and commercial establishments. (12)
Business Case
Market Size and Environment
> USD 1 billion
> 25%
Addition of 4,600 MW from solar to achieve 2030 target
As of 2020, although 100% of the population had access to electricity, only a fraction of households had access to affordable, reliable and clean energy (4). Moreover, major source of electricity generation is imported fossil fuels. Therefore, there is a need to improve the uptake of Solar which has the largest technical potential, with relatively low investment costs.
The national budget 2021 announced a renewable energy target of 70% in generation mix by 2030. The estimates by SLSEA on the contribution to 70% target show a total capacity addition of 4,600 MW from solar PV systems (5). Additionally, as per the updated NDCs in 2021, electricity sector expects a 5% unconditional and 20% conditional reduction of greenhouse gas (GHG) emissions (6).
Based on technical and socio-environment potential analysis with resource potential, land use, exclusionary conservation areas, distance to roads, slope, distance to grid substations (GSS), SLSEA has identified areas for ground-mounted and floating solar PV, as published in Renewable Resource Development Plans (1)(2) and reported in the proposed 70% renewable energy target by 2030 (5).
Indicative Return
15% - 20%
15% - 20%
10% - 15%
As per the latest publication on the Methodology for Feed-In-Tariffs - NCRE, financial analysis of renewable energy development is governed by the feed-in tariff methodology used by the regulators, i.e. a technology specific, cost reflective tariff with a loan repayment period of 6 years (20)
Average ROE for three years (2018/19/20) is 15.2%. Average Price to Earnings Ratio (P/E) is 8.46 (9)
Ground-mounted and floating solar is based on a competitive bidding process where a Tariff Proposal indicating the proposed Flat Tariff for 20 years is submitted. The Request for Proposal specifies a Maximum Tariff, and the selection is based on the lowest tariff quoted among eligible proposals (22)
Investment Timeframe
Medium Term (5–10 years)
Government has calculated a 6-year payback period. The short span of time firms have taken to be successful is testimony to this. WindForce ventured into solar in 2016. Currently, it has 10 ground mounted solar and 2 rooftop solar projects, with a total capacity of 136.23 MW (10)
Regen Renewables (Pvt.) Ltd. is the leading, commercial scale Rooftop Solar Energy Engineering, Procurement, and Installation company in Sri Lanka, with over 6 years of experience in this sector. (11)
Nikini Solar, in 2008, has broken historical ground by being the first ever company in Sri Lanka to enter into a net metering agreement for its Solar PV System at their head office with the Ceylon Electricity Board (CEB). It introduced building integrated PV roofing in 2017. (12)
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Impact Case
Sustainable Development Need
Energy security is a concern. Even though 100% of the population has access to electricity (4), more than 60% of Sri Lanka's power generation is through coal and oil (5), and hence it relies heavily on imported fossil fuel instead of utilizing its abundant solar potential in the country.
Current generating costs of fossil-based electricity (coal and oil) are significantly high, and a potential consumer tariff hike is expected in the future to reflect actual cost of generation. Meanwhile, the cost of renewable based electricity generation is decreasing gradually, and is now cheaper than that from fossil fuels. Therefore, use of renewable energy can help reduce cost of generation and consumer tariffs. (35)
Sri Lanka’s share of global carbon emissions is only 0.06% in 2020 (14). However, Sri Lanka is very vulnerable to climate change impact. The updated NDCs specify adaptation areas under sectors such as, Agriculture, Fisheries, Biodiversity, Coastal & Marine, Tourism & Recreation. (6)
Gender & Marginalisation
There are concerns about quality and equality for clean energy in rural areas, specifically for women entrepreneurs. Those with only diesel generators can continue to run their operations during daily power cuts. Renewable energy will support in improving regional grid infrastructure.
Increased income/economic opportunities for women through the solar installation projects at the regional level. SLSEA has also conducted training programmes for women on installation of solar PV.
Expected Development Outcome
Large scale deployment of solar energy will replace imported fossil fuels. It is an effective way for the required transition towards a carbon zero economy by 2050, and can ensure sustainable development.
It can ensure energy security; accessibility; optimum cost of electricity; enhancing the share of clean energy; and providing opportunities for Innovation and Entrepreneurship.
Gender & Marginalisation
Increased access to clean, affordable and reliable energy without power outages, especially for rural households and MSMEs, including women entrepreneurs.
Address the Energy trilemma: Energy security, Energy equity and Energy sustainability to provide convenient, affordable energy services, and support socially equitable development of the country. (3)
Promotion of solar energy to provide more employment opportunities, particularly for women and marginalized communities, through potential local value addition, repairs and maintenance.
Primary SDGs addressed
7.2.1 Renewable energy share in the total final energy consumption
Renewable energy electricity generation on average in 2020 was 35%.
Increase renewable energy mix in the electricity generation to 70% by 2030.
12.a.1 Installed renewable energy-generating capacity in developing countries (in watts per capita)
107.01 watts per capita in 2019
480 watts per capita
Secondary SDGs addressed
Directly impacted stakeholders
People
Planet
Corporates
Public sector
Gender inequality and/or marginalization
Indirectly impacted stakeholders
People
Planet
Corporates
Public sector
Gender inequality and/or marginalization
Outcome Risks
Although locations have been identified, environmental approvals will have to be obtained by individual developers. For solar projects over 10MW it will be carried out through competitive bidding
Frequent failures of the grid impact power generation from solar, due to a lack of storage facilities. Investment would be required to upgrade the grid, and control a decentralized generation system.
Possibility of power curtailing from solar sources due to insufficient demand at non-peak hours, in the event that battery/pump storage is not developed simultaneously
Gender inequality and/or marginalization risk: If power wheeling is not allowed there could be regional disparity as some regions may be more suitable for efficient generation of solar power.
Impact Risks
If renewable energy targets are not met through solar generation, people will not receive affordable, clean, adequate and quality access to electricity.
If targets are not achieved there will be more dependence on fossil fuel which could result in higher consumer tariffs.
Solar energy deployment requires sufficient amount of energy storage facilities, the absence of which can impact the success of such business models.
Impact Classification
What
Solar power generation increases access and affordability for clean energy, enhances economic productivity, and reduces the impact of climate change for both rural and urban areas.
Who
Households and corporates with limited or no access to clean energy; help corporates achieve their sustainability goals; benefit environment with reduced strains from current fossil dominance.
Risk
Although the solar power model is proven, potential tariff changes and regulation changes are required to make it a viable venture.
Contribution
Solar addition of 4,600 MW to achieve the 70% policy target by 2030, requires an equivalent of USD 4 billion.This could bring in much needed FDI and reduce import cost of fossil fuel.
How Much
Present consumption of electricity is about 12,000 GWh with an additional 4000 GWh required to meet demand by 2025.Renewable energy addition of 8,560 MW is needed by 2030.
Impact Thesis
Solar-based electricity generation to serve household, commercial, industrial, e-mobility needs and increase the proportion of RE in the total energy mix
Enabling Environment
Policy Environment
National Energy Policy 2019 (33)- This is a sectoral policy covering areas related to power and energy (both supply/generation and demand/end use). One of the ten pillars is enhancing share of renewable energy. Indigenous renewable energy sources will be developed to the optimum level to attain sustainability and higher degree of resilience in the energy sector.
Sri Lanka Electricity Act, No. 20 of 2009 and amendment in 2013 and 2022 (7) - had been formulated with a view to enable Sri Lanka to meet the increasing demands for electricity in the future and provide for regulations of the generation, transmission, distribution and supply.
Financial Environment
It is expected that the Feed-in-Tariff Scheme for Solar rooftop installations will be updated to be cost-reflective with exchange risks
Tax concessions for Solar PV panels/systems. Sri Lanka Green Finance Taxonomy by CBSL in May 2022 is expected to enable financial market participants to raise low-cost funding for green activities through both domestic and foreign markets (32).
Corporate income tax rate for a company supplying electricity to the national grid generated by using renewable energy resources is at a concessionary 14% (13) with effect from 2021
Regulatory Environment
On-grid renewable energy development in the country is primarily governed by two legislatives: (i) Sri Lanka Electricity Act, No. 20 of 2009 and its subsequent amendments in 2013 and 2022 (7) and (ii) Sri Lanka Sustainable Energy Authority (SLSEA) Act No. 35 of 2007 (23)
Sri Lanka Electricity Act, No. 20 of 2009 (amendment in 2022); Standardised Power Purchase Agreement was offered for renewable energy projects up to10 MW under the Small Power Purchase Tariff (SPPT)
Sri Lanka Electricity Act, No. 20 of 2009; projects larger than 10 MW are subject to competitive bidding and has no standardized tariffs (24). In any case, the Project Developers should obtain Energy Permit from SLSEA. Solar PV Rooftop schemes are accommodated through Feed-in Tariff
As per the conditions stipulated by SLSEA for the case of solar rooftop systems, the project developer/system supplier should register by providing submitting an application form together with prescribed information and relevant documents (30).
Generation License under the Sri Lanka Electricity Act, No. 20 of 2009; Generation Licensee should comply with all the regulations (28) such as IEE wiring regulation BS 7671 of 2008; Regulations on Electricity Safety, Distribution Code of Sri Lanka; Grid Code of Sri Lanka.
As per the conditions stipulated by SLSEA (30), for Solar PV rooftop systems the Service Provider should submit (i) Technical data sheet, Brochures/Manuals / Test certification (PV Module ,PV Inverter, DC/AC Cables, DC/AC Surge Protection, DC/AC Protection); (ii) Solar PV test/compliance certificates in accordance with PV module reference standards such as IEC 61215, IEC61730, IEC 61701, IEC62804(PID) and IEC 62716,
Under the Sri Lanka Electricity Act, No. 20 of 2009, covers exemptions and Generation License under two categories as Up to 25 MW and Over 25 MW (25). The application for the development of a grid-connected Solar PV power plant should be accompanied by the relevant documents and information as specified in the Regulation, the Application Forms up to 25 MW (26), Over 25 MW (27) and the Guideline for Applicants (28)
Marketplace Participants
Private Sector
RE Developers such as WindForce; Regen renewables; Nikini solar; VidulLanka, Hayleys Fentons Solar and Nippon Solar. Local banks such as DFCC, HNB, Commercial Bank and NDB
Government
Ceylon Electricity Board (CEB),Sri Lanka Sustainable Energy Authority (SLSEA), Public Utilities Commission of Sri Lanka (PUCSL)
Multilaterals
Asian Development Bank (ADB), International Finance Corporation (IFC), World Bank
Non-Profit
Non-Profit: the Ceylon Chamber of Commerce
Target Locations
Sri Lanka: Southern Province
Sri Lanka: Northern Province
Sri Lanka: Eastern Province
Sri Lanka: Western Province
Sri Lanka: Uva Province
References
- (1) Renewable Energy Development Plan Phase-I 2019-2025; http://powermin.gov.lk/english/wp-content/uploads/2019/08/Renewable-Energy-Development-Plan-English.pdf
- (2) Renewable Energy Resource Development Plan 2021-2026 (Draft) www.energy.gov.lk/images/renewable-energy/renewable-energy-resource-development-plan-en.pdf
- (3) CEB Long Term Generation Expansion Plan 2022-2041 (Draft) -https://ceb.lk/front_img/img_reports/1636539187LTGEP_2022-2041_Web_compressed.pdf
- (4) Central Bank Economic and Social Statistics 2021- https://www.cbsl.gov.lk/en/publications/other-publications/statistical-publications/economic-and-social-statistics-of-sri-lanka/ess-2021
- (5) SLSEA (February 2022), Proposed renewable energy capacity for 70% renewable energy taget by 2030, Internal Report (Unpublished), Personal Communication.
- (6)GoSL (September 2021), Updated Nationally Determined Contributions (NDCs), https://unfccc.int/sites/default/files/NDC/2022-06/Amendmend%20to%20the%20Updated%20Nationally%20Determined%20Contributions%20of%20Sri%20Lanka.pdf
- (7) Sri Lanka Electricity Act, No. 20 of 2009 and amendment in 2013 and 2022 - https://www.pucsl.gov.lk/wp-content/uploads/2017/12/electricity_act_2009.pdf;http://powermin.gov.lk/english/wp-content/uploads/2017/11/2013-Act-No.-31-Amendment-to-Act-No.-20-Sri-Lanka-Electricity-Act-E.pdf
- (8) Long Term Generation Expansion Plan 2018-2037- https://ceb.lk/front_img/img_reports/1532407706CEB_LONG_TERM_GENERATION_EXPANSION_PLAN_2018-2037.pdf
- (9) Windforce Ltd Prospectus - https://cdn.cse.lk/pdf/upcoming_listing/WINDFORCE-Prospectus-Part-1.pdf
- (10) About Windforce - https://windforce.lk/
- (11) About Regen Renewables - https://www.regen.lk/
- (12) About Nikini Solar - http://www.nikini.lk/solution_category/solar_photovoltaic_solutions/
- (13) Tax update: May 2021 - https://assets.kpmg/content/dam/kpmg/lk/pdf/kpmg-tax-news/may-2021/mya-2021-kpmg-srilanka-tax-news2-flash.pdf
- (14) Sri Lanka CO2 Country Profile - https://ourworldindata.org/co2/country/sri-lanka
- (15) Ministry of Finance Annual Report (2020): https://www.treasury.gov.lk/api/file/0b7d1935-6235-4156-97b6-752d6a8039d0
- (16) World Bank, Access to electricity (% of population) - Sri Lanka, https://data.worldbank.org/indicator/EG.ELC.ACCS.ZS?=desc&locations=LK,Accessed on 14th July 2022.
- (17) PUCSL, List of Licensees and Exemptions, https://www.pucsl.gov.lk/electricity/licensee/list-of-licensees/,Accessed on 10th July 2022
- (18) SLSEA, Solar PV Service Providers, https://www.energy.gov.lk/images/soorya-bala/registered-solar-pv-service-providers.pdf,Accessed on 29th June 2022
- (19) IRENA (July 2022), Renewable Power Generation Costs in 2021, The International Renewable Energy Agency, https://irena.org/-/media/Files/IRENA/Agency/Publication/2022/Jul/IRENA_Power_Generation_Costs_2021_.pdf
- (20) PUCSL (October 2011), The Methodology for Feed-In-Tariffs - NCRE, https://www.pucsl.gov.lk/wp-content/uploads/2019/01/ncre_tariffs-methodology.pdf
- (21) CEB (March 2020), Request for Proposals - Establishment of Wind Power Plant on Build Own and Operate Basis, https://www.pucsl.gov.lk/wp-content/uploads/2020/01/RFP.pdf
- (22) CEB (March 2020), Request for Proposals - Establishment of Solar PV Power Plant on Build Own and Operate Basis, https://ceb.lk/front_img/tender_pdf/200306060312150MW_AC_Solar_RFP_All_GSS.pdf
- (23) Sri Lanka Sustainable Energy Authority (SLSEA) Act No. 35 of 2007, https://www.energy.gov.lk/images/about-us/inception/2007-act-no-35-sri-lanka-sustainable-energy-authority-e.pdf
- (24) SLSEA (July 2011), On Grid Renewable Energy Development - Policies and Procedures to Secure Approvals to Develop a Renewable Energy Project to Supply Electricity to the National Grid, https://www.energy.gov.lk/images/renewable-energy/renewable-energy-development-guidebook.pdf
- (25) The Electricity (Applications for Licences and Exemptions) Regulation, 2009, Extraordinary Gazette No. 1617/34, September 03, 2009. https://www.pucsl.gov.lk/wp-content/uploads/2017/09/Regulations-for-Electricity-Applications-for-Licences-Extensions-of-Licences-and-Exemptions.pdf
- (26) PUCSL, Application for a Licence to Generate Electricity up to a Generation Capacity of 25 MW,
- (27) PUCSL, Application for a Licence to Generate Electricity Over and Above a Generation Capacity of 25 MW, https://www.pucsl.gov.lk/wp-content/uploads/2022/07/Application-form-for-a-licence-to-generate-electricity-over-and-above-a-generation-capacity-of-25-MW.pdf
- (28) PUCSL, Guideline for Applicants - Application for a Licence to Generate Electricity up to a Generation Capacity of 25 MW, https://www.pucsl.gov.lk/wp-content/uploads/2021/10/Guideline-to-fill-Application.docx
- (29) PUCSL (February 2017), Issuance of Certificate of Exemption, The Gazette of the Democratic Socialist Republic of Sri Lanka, Extraordinary, No. 2006/19, https://www.pucsl.gov.lk/wp-content/uploads/2017/09/Issuance-of-Certificate-of-Exemption-for-Domestic-Solar-Power-Generation.pdf
- (30) SLSEA, Application for Registered Photovoltaic (PV) Service Provider, https://www.energy.gov.lk/images/soorya-bala/application-for-registered-pv-service-provider.pdf
- (31) CBSL (April 2019), Roadmap for Sustainable Finance in Sri Lanka, https://www.cbsl.gov.lk/sites/default/files/Sri%20Lanka%20Sustainable%20Finance%20Roadmap%20FINAL%2008.04.19.pdf
- (32) CBSL (May 2022), Sri Lanka Green Finance Taxonomy, https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/sl_green_finance_taxonomy.pdf
- (33) National Energy Policy & Strategies of Sri Lanka http://powermin.gov.lk/english/wp-content/uploads/2019/11/2135-61_E.pdf
- (34) CEB Long Term Generation Expansion Plan 2015-2034 -https://ceb.lk/front_img/img_reports/1532408363CEB_LONG_TERM_GENERATION_EXPANSION_PLAN_2015-2034.pdf
- (35) PUCSL Consultation Document on the Proposed Electricity Tariff 2022 - https://www.pucsl.gov.lk/other-supporting-documents-stakeholder-consultation-on-the-proposed-electricity-tariff-2022/