Sri Lankan President Mahinda Rajapaksa has inaugurated the first phase of the Chinese-financed coal power plant – Lakjawiya. The government says, it will cut its foreign exchange needs and high electricity costs.The first phase of the plant will generate 300 MW of electricity to the National Grid. The project was funded by the Chinese Government and construction was carried by a Chinese company. The Sri Lankan Government also invested 5,300 million rupees for the first stage and 11,000 million for the second stage of construction.