May 31, Colombo: Sri Lanka Wednesday signed an agreement with South Korea to develop the first floating solar power project in the island.

Officials of the Ministry of Power and Energy and representatives of the Korea Institute for Advancement of Technology (KIAT) signed the agreement in the presence of Minister of Power and Energy Kanchana Wijesekera today at the Ministry.

The project to build two 1 MW each floating solar power plants is funded by a USD 5.2 million grant extended by the KIAT to Sustainable Energy Authority.

The projects will be developed by Korean Engineering Company and the solar power plants will be built on Chandrika Wewa in Sabaragamuwa Province and Kiri Ibban Wewa in the Uva Province.

The project is expected to be completed by December 2024.