Sri Lanka aims to attract more than $1 billion in Foreign Direct Investment (FDI) this year. The country is facing its worst financial crisis since independence in 1948, an official said on Friday.

These include proposals by Marubeni Corp and India’s Adani Group to build a renewable energy plant on the island, director-general of the Board of Investments (BoI) Renuka Weerakone told Reuters.

Marubeni has put forward a proposal for an 800 MW solar and wind power plant. In comparison, Adani Group has completed a feasibility study for a similar 500 MW project, which it hopes to complete within 18 to 24 months, she said. Two Chinese companies are also looking for similar projects.

Weerakone said the Sri Lankan government is expected to revise the legislation governing the energy sector this month, which will allow larger projects to be implemented more smoothly.

In the first quarter, Sri Lanka attracted $226 million in committed projects which are 16% increase from the same period in 2021, she said.

Overall, the BoI is developing 49 project proposals worth $1.46 billion from countries including India, China, the UK, the US and Japan across manufacturing, apparel, services and tourism. About a third of the projects are extensions of existing investments, Weerakone said.