Sri Lankan, Hong Kong firms to develop renewable energy projects in PH

Ceylex Renewables (Pvt) Ltd, a leading renewable energy company from Sri Lanka, and Golden Concord Holdings Ltd (GCL) from Hong Kong, have shown strong interest in establishing renewable energy projects in the Philippines.

The initiative is supported by His Excellency Dr. Chanaka Talpahewa, the Ambassador of Sri Lanka to the Philippines.

The companies’ representatives, including Ceylex CEO Sameera Ganegoda and GCL Project Development Consultant Visva Buddhika, conducted a strategic due diligence visit to the Philippines.

They met with Board of Investments (BOI) officials, including Executive Director Evariste M. Cagatan and Director Lanie O. Dormiendo, on July 10, 2024, at the BOI Main Office in Makati City.

During their visit, Ceylex and GCL outlined plans to develop a 50MW solar power infrastructure as the first phase of their operations. They also discussed gradual transition plans to establish wind power projects.

These efforts align with the Philippine government’s commitment to increase renewable energy share to 35% by 2030 and 50% by 2040, supporting the country’s sustainable energy goals.

“By pursuing these projects, we aim to contribute to the Philippines’ renewable energy targets and foster sustainable development,” said Sameera Ganegoda, CEO of Ceylex Renewables.

The BOI officials welcomed the initiative, highlighting its potential to boost the country’s renewable energy capacity and support its long-term energy strategy.

“Collaborations like these are crucial in achieving our renewable energy targets and promoting sustainable energy solutions in the Philippines,” said Evariste M. Cagatan, Executive Director of Investments Promotion Services.