Sri Lanka supercharges future with solar revolution

 The solar boom in Sri Lanka is yielding tangible benefits that extend beyond energy generation 

• Scientific evidence and surging growth drive major expansion

By Noteworthy Global UK

Sri Lanka is undergoing a quiet revolution — and it’s happening under the sun. As the nation steers towards cleaner energy, solar power has emerged as a central pillar of its future. Bolstered by strong scientific data and impressive growth statistics, the case for scaling up solar investments in Sri Lanka has never been clearer or more compelling.

A nation blessed with solar under the equator

Sri Lanka’s unique location near the equator gives it a natural advantage, with abundant sunshine year-round. This natural endowment translates to exceptional Global Horizontal Irradiance (GHI) levels ranging between 1,247 kWh/m² and 2,042 kWh/m² annually, offering ideal conditions for solar power generation. This immense natural resource is finally being tapped: solar electricity generation soared to 0.8 billion kilowatt-hours (kWh) in 2023 — a tenfold jump from the historical average of just 0.08 billion kWh recorded between 1980 and 2023. Solar now powers approximately 10% of the country’s electricity mix, up from 0.72 billion kWh in 2022 — a clear signal of the momentum building across the sector.

Investment gaining speed, capacity climbing

The solar sector’s rise is far from a passing trend. Consumption of solar energy is projected to double by 2028, buoyed by an impressive average growth rate of 8.5% since 2021, and a recent year-on-year surge of 32%. Recognising this potential, the Ceylon Electricity Board (CEB) has outlined ambitious plans: adding 500 MW of solar capacity every year and aiming for 10,739 MW of renewable electricity by 2042, where solar will play a pivotal role. To achieve this transformative vision, Sri Lanka plans to channel around $ 1.4 billion annually into renewable energy development.

Economic empowerment and environmental stewardship

The solar boom in Sri Lanka is yielding tangible benefits that extend beyond energy generation. The burgeoning industry is creating new employment opportunities across the value chain, from installation and manufacturing to maintenance. Furthermore, solar power is contributing to the stabilisation and lowering of energy costs for consumers, while simultaneously injecting economic vitality into rural communities

Over the past two decades, solar power generation has witnessed a significant 46% increase, and the Government has set its sights on cutting carbon emissions by 0.3 kg/kWh by 2042. These environmental gains not only strengthen Sri Lanka’s international climate commitments but also enhance its standards as a leader in sustainable development in South Asia.

Rethinking land use: Innovation lights the way

In a densely populated island nation where agriculture remains crucial, land availability presents a unique challenge for large-scale solar deployment. However, Sri Lanka is embracing creative solutions to overcome this constraint. The adoption of floating solar farms on reservoirs, an increasingly popular global trend, offers a promising pathway. These installations not only enhance panel efficiency due to the cooling effects of water but also minimise land use conflicts and can synergise with existing hydropower infrastructure.

 Moreover, integrating solar energy generation with agricultural practices and other land uses is unlocking new avenues for maximising land value and energy output.

Navigating challenges, seizing opportunities

The journey towards a fully solar-powered future is not without its obstacles. High upfront investment costs, the inherent intermittency of solar energy, and competition for land resources remain key concerns. However, the sector is demonstrating remarkable resilience and adaptability, with significant growth in rooftop and distributed solar installations, a range of supportive government incentives, and the increasing adoption of next-generation solar technologies. Continued strategic investments in modernising the national grid infrastructure, coupled with fostering the development of local solar manufacturing capabilities, will be crucial in building a robust and future-proof energy sector.

A clear mandate for action

The evidence is clear: Sri Lanka’s solar opportunity is not merely aspirational; it is firmly grounded in robust data and demonstrable success. By capitalising on its abundant sunshine, embracing innovative solutions, and maintaining consistent and supportive policies, Sri Lanka stands poised to achieve energy independence, stimulate significant economic growth, and spearhead South Asia’s transition to clean energy. For policymakers, investors, and all stakeholders, the time to act decisively is now – with the power of the sun firmly on Sri Lanka’s side.