Sri Lanka secures $50 million from ADB for rooftop solar development

Sri Lanka’s Ministry of Finance and Mass Media has entered into an agreement with the Asian Development Bank (ADB) wherein the bank will loan $50 million to the country for developing rooftop solar projects. The funds will be used to support the country’s Battle for Solar Power Programme, which has a target to install 200 MW capacity by 2020 and 1,000 MW capacity by 2025. The Department of Development Finance of the Ministry of Finance and Mass Media in Sri Lanka, which is the implementing agency for the project, will coordinate with select banks and financial institutions to provide credit facilities to suitable customers for purchasing rooftop solar panels from suppliers registered under the Sustainable Energy Authority. Interested households and entrepreneurs will be provided with a maximum credit facility of up to $45,000 per project at a lending rate of 8 per cent per annum. The Ceylon Electricity Board and Lanka Electricity Company Limited will oversee project implementation by providing technical recommendations to the financial institutions regarding the applicants’ project proposals, and reviewing and approving applications for the connection of solar rooftop systems to the distribution network.

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