Feb 24, Colombo: The Sydney-based Australian solar panels manufacturer, Energy Puzzle Group will invest US$ 190 million to set up a state-of-the-art factory in Sri Lanka to manufacture solar panels.
Sri Lanka's investment promotion agency, the Board of Investment (BoI) said the Energy Puzzle Group will set up its plant in the BOI's new Export Processing Zone at Mirijjawela, near Hambantota in the deep south.
Chairman of Energy Puzzle, Patrick Featherston and Chairman of the Board of Investment of Sri Lanka Dr. Lakshman Jayaweera signed the agreement recently in Colombo.
Energy Puzzle will be developing their operations in Sri Lanka under several phases and in the first phase, which is covered under the agreement with the BOI, the company will manufacture solar cells and panels of up to 150 MW/year.
"However the company envisages a greater production of Solar Panels and Energy Technology in the future," the BoI said.
The company will originally employ 150 staff of which there would be a mix of Sri Lankan and some Australian managers and workers.
According to the BoI, Energy Puzzle has a vast experience in solar power projects and provides consultancy services to the governments of Australia, the USA and Sri Lanka in this form of alternative energy.
Production of solar panels will be mainly exported but some of this production will also be made available to the local market.
The Company could be listed in the Colombo Stock Exchange under a new scheme which is being set up by the BoI and Stock Exchange.