New Fortress will acquire a 40% ownership stake in WCP and plans to build an offshore LNG receiving, storage, and regasification terminal located off the coast of Colombo. New Fortress will initially provide the equivalent of an estimated 1.2 million gal. of LNG (approximately 35 000 million Btu/d) to the GOSL, with the expectation of significant growth as new power plants become operational.
The 310 MW Yugadanavi Power Plant currently has a long-term power purchase agreement to provide electricity to the national grid that extends through 2035. This power plant consists of General Electric turbines and is configured to run on natural gas in combined cycle.
“This is a significant milestone for Sri Lanka’s transition to cleaner fuels and more reliable, affordable power,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We are pleased to partner with Sri Lanka by investing in modern energy infrastructure that will support sustainable economic development and environmental gains.”
The Kerawalapitya Power Complex is the foundation of the baseload power that serves the country’s population of 22 million people. Delivering cleaner and cheaper fuels to Sri Lanka will support the country’s growth for years to come.
The terminal is expected to begin operations in 2023.
