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ADB to provide $50 million to support Sri Lanka solar power project

  • 8 months ago (2018-09-19)
  • David Flin
Asia 485 Solar 77

The Enterprise Sri Lanka project, launched by the Sri Lankan Ministry of Finance and Mass Media, has received $50 million from the Asian Development Bank (ADB) for a rooftop solar power generation project. The main objective of the project is to support the Government’s “Battle for Solar Power” programme, intended to achieve a target of 200 MW by 2020, and 1000 MW by 2025 through solar power generation.

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The project will increase debt facilities and funding for rooftop solar power generation, and it is expected that the project will add 50 MW to the national grid.

The Enterprise Sri Lanka subsidised loan scheme has introduced a donor-funded refinance loan scheme, which will provide maximum credit facilities up to $50,000 on a lending rate of 8 per cent per annum.

The Ceylon Electricity Board (CEB) and Lanka Electricity Company (LECO) will give technical support to the project.

The total investment cost of this project is $60 million, of which $50 million will be provided by the ADB.