INTERNATIONAL development agency US AID has retained UK practice McKenna & Co to advise the Sri Lankan government on its new 40 megawatt power project.
The project, a benchmark deal in the country's efforts to attract private funding for
infrastructure projects, is an
extension of McKennas' work in India, where the firm acts for the Ministry of Finance and several federal state governments on fast track power projects and power purchase agreements.
McKennas partner David Renton, head of the firm's Hong Kong practice, is also advising the Orissa State Electricity Board on its plans to allow a private sector company to take over the management of three of its distribution circles.
Renton says as UK and US utility companies find their home markets becoming increasingly saturated, many are looking to Asia, and in particular the Indian sub-continent for new projects.
“Growing economies and increased consumer demand, combined with restrictions on government spending, are opening up new opportunities for the private sector,” says Renton.