Mercados Aries Int. Secures $ 1.49 Mn ADB-Funded Power Project ⚡

The Cabinet has approved a consultancy contract for Spain-based Mercados Aries International S.A. to support Sri Lanka’s Power Grid Empowerment and Renewable Energy Integration Project. • Contract Value: US$ 1.49 million (approx. Rs. 43.20 million) excluding VAT. • Funding Source: Implemented under Asian Development Bank (ADB) funds. • Selection Process: Out of 11 initial expressions of interest and 4 final proposals, the Spanish firm was selected based on ADB guidelines and Cabinet-appointed committee recommendations. • Economic Impact: The project focuses on strengthening the power grid and enhancing renewable energy integration, critical for national energy security and infrastructure modernization.