News & market updates

Proparco said it is ready to consider financing Sri Lankan firms now that the country has emerged from default and completed sovereign debt restructuring. The lender previously funded Commercial Bank of Ceylon and Hatton National Bank to on-lend to smaller firms, reopening a channel for development finance.

Vidullanka PLC (VLL.N0000) commissioned a 3MWp solar power plant in Kamburupitiya, Matara through its fully owned subsidiary MataraSolar Power, expected to generate 5.5 GWh of clean energy.

IMF staff and MPs held a Sept 12, 2025 discussion urging electricity tariff reform to ensure cost recovery and cost-reflective pricing while protecting consumers and enabling investment to meet a 70% renewables target by 2030. They warned thermal generation cost volatility, called for stronger governance, targeted subsidies, and predictable tariffs.

Talawakelle Tea Estates Plc (TPL.N0000) appointed Nishantha Abeysinghe as Director/Chief Executive Officer, effective 1 August 2025. Abeysinghe, with 36 years in the plantation sector, was also named director of several Hayleys Group private companies including TTEL hydro power units.

An IMF technical team and Sri Lankan MPs reviewed the Ceylon Electricity Board tariff methodology ahead of a November 2025 IMF deadline, urging tariffs that ensure cost recovery and cost-reflectiveness, protect affordability and support a 70% renewables target by 2030 while warning that weak governance and volatile thermal fuel costs would deter investment.

President Anura Kumara Disanayake inaugurated construction of six oil storage tanks at the Kolonnawa Petroleum Storage Complex, a Rs. 3.7 billion project (three 15,000 m3, two 7,000 m3, one 5,000 m3) awarded to an Indo East–Ceylex JV, due by September 2027. He also highlighted electricity cost reductions, a 100 MW Siyambalanduwa solar project and CPC's Rs. 18.2 billion profit over eight months.

France’s development agency AFD said it is keen to support Sri Lanka’s proposed 600MW pumped storage plant to help integrate intermittent renewables. Feasibility and funding discussions are underway and AFD said Sri Lanka should contact its local office to initiate technical and financing talks.

Sunbeam Technologies won the Bronze Award at the SLIM SME Development Awards 2024 and was named Best Solar Solutions Company of the Year at the Asia Miracle Awards 2025. The company has completed 700+ projects totalling over 15 MW and reports annual revenues of Rs. 750 million.

Hasith Prematillake, Managing Director of Hayleys Fentons, won four honours at the CPM Management Leadership Excellence Awards 2025, including wins in Renewable Energy and Construction categories. He has led Hayleys Fentons from a LKR 600m loss in 2019 to over LKR 3bn profit and Hayleys Solar targets 500+ MW installed capacity by end-2025.

Bhutan plans the Gelephu Mindfulness City as a Special Administrative Region to combine spirituality with sustainable economic development, covering up to 1 million acres and targeting tourism, health and wellness, agritech, green energy, digital assets (a gold-backed 'TER') and aviation.

Hasith Prematillake, Managing Director of Hayleys Fentons (part of Hayleys PLC), won four awards at the 2025 CPM Management Leadership Excellence Awards, including Winner in Power and Energy (Renewable). Under his leadership Hayleys Fentons moved from a Rs.600m loss in 2019 to over Rs.3bn profit and equity above Rs.5bn.

John Keells Holdings unit South Asia Gateway Terminals installed a 460 kW rooftop solar array and is shifting to hybrid/electric gantries and forklifts, supplying ~3–5% of its energy; 28 of 31 cranes are hybridised, cutting carbon intensity per move 22% over six years.

Contract for six new petroleum storage tanks at the Kolonnawa Petroleum Storage Complex was awarded to Indo East Engineering – Ceylex Engineering JV for Rs.3.7 billion, due for completion in 24 months (by Sept 2027). President Dissanayake said the expansion and other modernization steps aim to boost energy security and avoid repeat fuel-queue crises, noting CPC earned Rs.18.2 billion in the past eight months.

France's development agency AFD has begun talks with Sri Lanka to re-engage stalled projects after a bilateral debt restructuring that converted $138m of arrears and left about $478m of French loans. Discussions cover restarting or cancelling priority projects including renewable energy, tea support and bank on-lending.

National Development Bank (NDB) has launched the E-Friends II Solar Refinance Loan Scheme with the Industries Ministry, offering businesses loans up to Rs.10 million at 6.5% p.a. for up to 10 years to install up to 50 kW of solar capacity.

Alumex PLC became the first Sri Lankan firm to achieve the Aluminium Stewardship Initiative (ASI) Performance Standard Certification in 2025. The nearly 40-year-old market-leading aluminium extruder supplies architectural and industrial products, offers up to 30-year warranties, and runs a training academy.

John Keells said the Adani-led Colombo West International Terminal will double capacity to 3.2 million containers a year, with the final phase expected by late 2026, 3–4 months ahead of the Feb 2027 deadline; John Keells holds a 34% stake. Adani withdrew a $553m U.S. funding request and will finance the project through internal accruals and a capital management plan.

World Bank VP Johannes Zutt concluded his visit, reaffirming WBG support and citing a prior pledge of over $1 billion plus current programs including a 1 GW renewable energy project ($150m) and a $100m agriculture project. Additional operations are planned in tourism, regional development, digital development and ports/logistics to attract private investment and jobs.

Manjula Ariyakumara, Managing Director of Three Sinha Industries, won Gold in the Extra-Large Category at both the National and Western Province Sri Lankan Entrepreneur of the Year Awards 2025. Three Sinha is a construction-sector firm offering doors, shutters and prefabricated steel buildings (via subsidiary IKLO), and has introduced on-/off-grid solar PV systems and other diversified products.

NDB Bank launched the E-Friends II Solar Refinance Loan Scheme offering businesses loans up to Rs.10 million at 6.5% p.a. with up to 10-year repayment to finance installations up to 50 kW. The program, run with the Ministry of Industries, aims to boost solar adoption and reduce operating costs for entrepreneurs.

Standard Chartered Sri Lanka will exit retail banking and refocus on Corporate & Investment Banking and Financial Markets, while continuing to support the government and corporates. The CEO also highlighted early recovery signs: $12.0bn exports (7 months), $5bn remittances and 1.4m tourist arrivals.

Colombo market rebounded as the ASPI rose 264 points (1.3%) and the S&P SL20 gained 1.2% on turnover of Rs.6.2bn. Banks and hotel counters led gains (COMB, SAMP, HNB, SPEN, DFCC), capital goods and utilities drove turnover, while foreigners were net sellers of Rs.270.8m.

World Bank VP Johannes Zutt pledged continued World Bank support to help Sri Lanka implement job-creating reforms and mobilize private capital, following a prior pledge of over US$1 billion. The WBG has backed a 1 GW renewable energy program (US$150m) and a US$100m agriculture project, and plans further operations in tourism, regional development, digital development and ports/logistics.

World Bank VP Johannes Zutt concluded his visit, reaffirming WBG support including a pledge of over US$1 billion for Sri Lanka and partnership on a 1 GW renewable energy program (US$150m) and a US$100m agriculture project. Additional operations are planned in tourism, regional development, digital development and ports/logistics to mobilize private investment and create jobs.

Panasian Power PLC appointed Nilendra Weerasinghe as an Independent Non-Executive Director. He has over 15 years' experience in investment banking and corporate finance, currently serves as CFO and Strategy Officer at hSenid Business Solutions, and brings capital-markets and energy-sector transaction expertise.

Aitken Spence Hotel Holdings PLC's Heritance Kandalama won Gold in the Climate Adaptation and Resilience category at the ICRT Indian Subcontinent Responsible Tourism Awards 2025. The award recognises the resort's sustainability initiatives and makes it eligible for the Global Responsible Tourism Awards.

Seylan Bank PLC has partnered with Browns EV to offer an exclusive EV leasing facility with interest rates starting at 10% (A.I.R), up to 7-year terms and 24-hour fast-track approvals to customers.

Hayleys PLC's Hayleys Solar signed an MoU with Pan Asia Bank to offer tailored loan packages for solar and battery solutions to customers. The partnership aims to make solar adoption more affordable nationwide and reduce customers' electricity bills.

Energy Minister Kumara Jayakody urged Ceylon Electricity Board employees to accept newly approved reforms that would split CEB into four state-owned entities and gave staff two months to express their views. The changes aim to make the sector more bankable for multilateral financing, but critics say they may weaken regulatory independence and employee protections.