Sri Lanka’s Board of Investment (BOI) has approved Sahasdhanavi Limited’s plan for the development of a 350 MW combined cycle power plant at the Kerawalapitiya Industrial Zone.

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The investment in the project is estimated at $290 million, which will compromise $90 million in share capital, $195 million in loan capital, and $5 million from other sources. The investment will be directed towards fixed assets and working capital.

The power plant will be developed on a Build-Own-Operate-Transfer (BOOT) basis. It will supply electricity directly to the National Grid.

The project will be implemented in two phases. The first phase will comprise a 243 MW gas turbine when operating on LNG, with a 213 MW capacity when operating on diesel. The second phase will consist of a 107 MW steam turbine which has a capacity of 105 MW when operating on diesel.

The project is scheduled to be completed within 42 months of signing of the agreement. The plant will initially operate on diesel, pending establishment of the infrastructure to allow transition to LNG.