The Sri Lankan Cabinet has granted approval to enter into a Power Purchase Agreement with the United Solar Group of Australia for the establishment of a 700 MW Solar Power Project. The project will also include a substantial 1500 MWh Battery Energy Storage System. The Foreign Direct Investment (FDI) for this initiative is pegged at USD 1,727 Million.

The solar power project is slated to be situated on the surface of the Poonakary Tank in the Killinochi District. This strategic location is expected to leverage the available resources for optimal energy generation.

The approval from the Cabinet, signifies a significant step towards embracing renewable energy sources and diversifying the country's energy mix. The investment from the United Solar Group of Australia is anticipated to contribute not only to the energy sector but also to the economic development of the region.

The project aligns with the government's commitment to promoting sustainable and eco-friendly energy solutions, reducing dependency on traditional power sources, and fostering foreign investments in key sectors for national development.