Cabinet approval granted for feeding tariff formula for Renewable Energy projects
The Cabinet of Ministers has granted approval for the Ceylon Electricity Board (CEB) to adopt a new formula to calculate the feeding tariff for Renewable Energy projects to encourage more investments to the sector, Power and Energy Minister Kanchana Wijesekera said today (May 03).
“Formula will be variable over 20 years and front loading the first 10 years taking into account Average Weighted Prime Lending Rate (AWPLR), Treasury Bill Rate (TBR), Exchange Rate and Inflation. An investment premium of up to 3% will be made available for selected projects,” he tweeted.
He said developers will have the option of choosing the variable feeding tariff formula or the fixed tariff formula that was introduced last year and the new formula will only be available to new power purchasing agreements.
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