India Offers Nuclear Reactors to Sri Lanka

Sri Lanka is poised to initiate the search for potential investors interested in establishing nuclear power plants, according to the country Energy Minister. The move comes as Sri Lanka endeavors to secure cost-effective electricity to bolster its economic recovery. Currently, the primary sources of energy in the island nation include imported oil, coal, and hydropower. In alignment with its sustainability goals, the government aims to generate 70% of its electricity from renewable sources by 2030, with nuclear power being viewed as a low-carbon option. The ultimate objective is for Sri Lanka to achieve carbon neutrality by 2050.

Energy Minister Kanchana Wijesekera conveyed the government commitment to incorporating the safe use of nuclear energy into its long-term generation plans following discussions with officials from the International Atomic Energy Agency in Colombo. Announcing the decision on the X social media platform, Wijesekera stated that the government will soon invite expressions of interest (EOIs) for the establishment of nuclear power plants, emphasizing the integration of modern technology.

Earlier reports in July indicated that Sri Lanka was evaluating offers for nuclear power plants from various countries, including Russia, the United States, India, and European nations. This move echoes a 2010 announcement, wherein the country expressed its intention to construct a one-gigawatt nuclear power plant by 2030.

Currently, India and Pakistan are the sole South Asian countries with operational nuclear power plants, while Bangladesh is in the process of establishing its own. Russia is actively involved in constructing nuclear power plants in Bangladesh, and a recent deal between China and Pakistan outlines plans for a 1,200-megawatt plant in Punjab province.

Sri Lanka, home to 22 million people, grappled with a severe economic crisis prompting a $2.9 billion bailout loan from the International Monetary Fund in March. This financial assistance aims to address the nation overwhelming debt burden and mitigate the impact of its worst economic downturn since gaining independence in 1948.