ADB Funds $328M Power Grid Modernization Initiative in Sri Lanka
The Power System Strengthening and Renewable Energy Integration Project (PSSREIP) has launched with a $328.25 million investment to modernize Sri Lanka's electricity grid and integrate renewable energy. The initiative is crucial for meeting rising electricity demands and enhancing grid reliability, particularly in rapidly developing regions.
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Sri Lanka has initiated the $328.25 million PSSREIP to enhance its national transmission network and facilitate renewable energy integration. The project is financed by the Asian Development Bank (ADB) and will be executed by Lanka Electricity Company (LECO) and government entities including the National Transmission Network Services Provider (NTNSP).
Construction of the Homagama 132/33 kV Grid Substation is underway, with a second substation planned in Negombo. Both substations aim to accommodate growing electricity needs from industrial and commercial sectors. Completion is set within two years, with additional infrastructure investments planned by NTNSP to further strengthen the power supply network.
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