News & market updates

Dialog Axiata PLC renewed its strategic partnership with the Japan International Cooperation Agency (JICA) to scale development projects in Sri Lanka, with a focus on digital transformation and renewable energy.

Sampath Bank launched the Sampath Bank Green Deposit, a 12-month LKR fixed deposit product to finance environmentally sustainable projects with interest payable at maturity. Proceeds will initially fund solar installations and the scheme follows an ICMA-aligned Green Deposit Framework with independent pre-issuance assurance.

Evolution Auto is offering EV models in Sri Lanka equipped with CATL batteries, bringing the global battery leader's technology (CATL 42.81% global market share) to local electric-vehicle lineups to support Sri Lanka's shift toward cleaner mobility.

Ceylon Electricity Board received 153 bids for a tender to install sixteen 10MW/40MWh battery energy storage systems, with the lowest indicative cost around Rs17 per kWh after charging and evaluation ongoing. CEB also received ~3.77 USc/kWh bids for a 50MW wind plant (~Rs11.60 at the quoted exchange rate) and is offering Rs45.80 for stored solar sales at night.

Sri Lanka has connected 800MW of solar to the national grid by October 2025, mainly rooftop. The minister said capacity could reach 900–1,000MW by year-end and that a 2,000MW five-year pledge would be met.

DFCC Bank's proposed LKR10 billion Basel III-compliant subordinated green, social and sustainable bonds were given an expected national long-term rating of 'BBB+(EXP)(lka)' by Fitch. The bonds (5/7/10-year) are intended to strengthen Tier-2 capital, fund GSS+ projects and include a non-viability conversion clause.

Sampath Bank PLC launched the Sampath Bank Green Deposit, a 12-month Sri Lanka rupee fixed deposit to finance environmentally sustainable projects, initially funding solar installations. The product follows ICMA Green Bond Principles and has independent pre-issuance limited assurance.

Sumathi Holdings commissioned a 5 MW ground-mounted solar plant at Wewila, Eheliyagoda, expected to produce about 7 million kWh annually and offset roughly 3,000 tonnes of CO₂.

Sri Lanka will assume the Chairmanship of the Asia Tea Alliance for 2026–2027 and Colombo will host the 6th ATA Annual Meeting and the Asia International Tea Summit on 27 November 2025. The chairmanship, led by TSHDA, emphasizes smallholder representation, regenerative and low‑carbon practices, and improved market access for producers and exporters.

A Vietnamese embassy delegation led by Ambassador Trinh Thi Tam visited Sri Lanka’s Northern Province (17–19 Nov 2025) to explore cooperation and invite Vietnamese investment in agriculture, aquaculture, agro-processing, tourism, infrastructure and renewable energy. The visit referenced the $1bn bilateral trade target and sought technical cooperation and capacity building.

The CSE introduced the 'GSS+ Bonds' regulatory framework in March 2025 to list green, social and sustainability bonds, and Bank of Ceylon has aligned its ESG systems and investment banking division to facilitate such issuances.

SOAS (University of London) economists say Sri Lanka’s debt crisis was driven more by inflated, non-competitive Government-to-Government infrastructure contracts than macro shocks, noting about 65% of foreign debt went to transport, power, energy, water and airport projects. They cite the cancelled 250 MW Adani Mannar wind project—whose proposed tariff was about 120% higher than a comparable Gujarat project—and urge procurement reforms to attract competitive bidders and avoid G2G deals.

Sarvodaya Development Finance (SDF.N0000) reported 1H 2025/26 PBT of Rs. 566 million (up >37%), PAT of Rs. 340 million, total income Rs. 2.87 billion (+43.6%) and total assets Rs. 28.3 million (+25.6%). The company also issued an oversubscribed listed high‑yield sustainable bond to fund affordable housing, women's entrepreneurship, food security and renewable energy.

JAT Holdings PLC reported Q2 FY2025/26 revenue up 14% YoY to Rs.5.15bn and PBT up 16% to Rs.474m. Gross profit rose 29% (GP margin 35%), EV charger revenue increased to Rs.378m, while PAT fell 22% due to a change in deferred tax recognition.

Dipped Products (DIPD.N0000) launched the 40-hectare EcoPulse Cloud Forest Restoration Project on Dell Mountain in partnership with Horana Plantations, focusing on montane forest restoration and biodiversity protection; Dipped said 94% of its energy use is now from renewables.

Hayleys PLC's Advantis Group held the Advantis Awards 2025, recognising operational and ESG achievements including a new 3PL distribution-centre contract, conversion of the M.V. Melissa to a Colombo–Malé feeder vessel, onboard solar integration and a 100% on-time humanitarian logistics record.

LAUGFS Eco Sri Limited won the Bronze Award in the Extra-Large Service Sector at the CNCI Achiever Awards 2025. The BOI-registered company operates 95+ fixed testing centres and 43 mobile units, covering 145+ locations and managing 54% of Sri Lanka's annual vehicle emission test certifications.

Alphabet CEO Sundar Pichai warned that no company would be immune if an AI investment bubble were to burst. He also flagged AI's growing energy needs (about 1.5% of global electricity) and reiterated Alphabet's £5bn commitment to UK AI infrastructure and research.

Panasian Power (PAP.N0000) connected its 5MW ground-mounted Uda Aparakke solar plant to the Matara Grid Substation on Nov 17 and begins revenue generation, adding 5MWac/6.76MWp to the national grid. It is the sixth of seven 5MW projects the company has PPAs for with the Ceylon Electricity Board.

Vidullanka PLC acquired a 30% stake in SAFE Power International for Rs. 225 million to develop a 10MW wind plant in Alankuda, Kalpitiya. SAFE Power is 51% owned by Windforce; the plant is expected to deliver 32 GWh of clean energy and will operate for 20 years.

Ceylon Electricity Board posted a 85% drop in September-quarter profit to 3.5 billion rupees, with revenues down 2% and cost of sales up 12%. A 20% tariff cut in January and denied tariff hikes have driven a nine-month loss of 9.5 billion and accumulated losses to 413 billion rupees.

Panasian Power (PAP.N0000) connected a 5MWac (6.76MWp DC) ground-mounted solar plant at Uda Aparakke to the national grid, starting commercial revenue. It is the sixth 5MW plant under seven PPAs signed in Q3 2024, with one project still under development.

Dialog Axiata PLC renewed its strategic partnership with JICA to expand development projects in digital transformation, financial inclusion, education, agriculture and renewable energy, targeting vulnerable communities and women's empowerment.

Three Sinha Industries (Pvt) Ltd won the Gold Award in the Extra-Large Category at the CNCI Achievers Awards 2025. The Colombo-based construction and engineering firm supplies doors, aluminium fabrications, diesel tanks (meeting CPC and LIOC standards), solar PV systems and operates subsidiary IKLO Industries for pre-engineered buildings.

JAT Holdings PLC posted Q2 FY2025/26 revenue up 14% YoY to Rs. 5.15bn and PBT up 16% YoY to Rs. 474mn. Gross margin rose to 35% and EV charger revenue climbed to Rs. 378mn, while PAT fell 22% due to a change in deferred tax recognition.

Vidullanka PLC (VLL.N0000) has acquired a 30% equity stake in SAFE Power International for Rs225 million to help develop a 10MW wind power project in Alankuda, Puttalam. The company said the investment expands its renewable portfolio and does not give it control of SAFE Power.

Aitken Spence PLC reported PBT of Rs. 1.6 billion for the six months to 30 Sep 2025, a 42% year-on-year increase. Group revenue was Rs. 40.7 billion, with tourism contributing 64.3% of revenue and tourism operating profit rising 86.5% year-on-year.

ADB has ratified an amendment removing its lending cap, enabling a 50% increase in annual lending to more than $36 billion to developing member countries. The move aims to scale up financing including raising private-sector financing to $13 billion a year by 2030.