United Solar Group of Australia has secured Sri Lankan government approval for a $1.72 billion investment in a 700 MW floating solar and 1.5 GWh storage project.

The company will install a 700 MW solar system across 437 hectares in the shallows of Poonakary Lake in the town of Kilinochchi. The system will be coupled with a 1,500 MWh battery, but few other details of the storage system have been made public.

Sri Lankan Power and Energy Minister Kanchana Wijesekera announced the news via his X (formerly Twitter) account on Tuesday. He said the PPA deal had been approved by the country’s cabinet.

United Solar Group initially proposed the project in September, following a call out from the Sri Lankan government for projects with a capacity of 50 MW or more. The government aims to accelerate renewable energy development programs across the country.