VANCOUVER, BC / March 5, 2023 / Infinitum Energy Pte. Ltd. (“Infinitum”, “iEg”, or the “Company”), a pioneering climate infrastructure company, is pleased to announce the agreement with the Mahaweli Authority for up to 1,100 acres of land in Sri Lanka. This acquisition marks a pivotal advance in the implementation of iEg’s renewable energy portfolio and enables the Company to move into the next phase of conducting detailed project studies.
Infinitum has been approved to spearhead the development of a portfolio of wind and solar projects, cumulatively expected to deliver a robust 488MW installed capacity. This initiative aligns with Sri Lanka’s strategic plan to reduce its reliance on imported thermal fuel through the integration of sustainable and dependable clean energy solutions, while helping bolster the country’s foreign reserves.
Project Impact:
- Expected output of 236,520,000 KWH annually
- Generation of 200+ direct and sustainable local jobs during project construction
- Anticipated $102 million in tax revenue over the Power Purchase Agreement (PPA) term
- Projected offset of 3.75 million tons of carbon emissions
Lindsay Nagle, Infinitum’s CEO, commented: “iEg’s agreement for 1,100 acres of land lays the groundwork not only for the first 100MW of this 350MW project, but for a future that reduces the government’s reliance on expensive and dirty imported fossil fuel, helping increase economic prosperity and environmental stewardship for the nation. Additionally, we are proud to partner with the Sri Lankan Ministry of Energy and the Ceylon Electricity Board on this journey toward energy independence.”
Following completion of the Company’s detailed feasibility study and Environmental Social Impact Assessment, structuring of the project financing is set to take place in mid-2024.
About Infinitum Energy Pte. Ltd.
Infinitum is a climate infrastructure company specializing in the development of clean energy projects within emerging markets. The Company’s core focuses are high-impact solar, wind, and innovative waste-to-energy projects. Through strategic partnerships with leading financial institutions, the team has executed on 42 clean energy projects spanning 13 countries to date, with investments amounting to over $12 billion. Infinitum’s five development-stage projects are located across Sierra Leone, Uganda, Turkey, Mongolia, and Sri Lanka, totalling more than $2.5 billion of expected capital expenditures.
For further information on the Company, please visit https://www.infinitumenergygroup.com
ON BEHALF OF THE BOARD
“Lindsay Nagle”
Director & CEO
For more information contact:
Jeremy Wright, Director & CFO
+1 (604) 837-7990
[email protected]
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