ADB Approved a $50 million Loan to Help Fund Rooftop Solar Power in Sri Lanka

The Asian Development Bank’s (ADB) Board of Directors has approved a $50 million loan to help fund rooftop solar power generation systems in Sri Lanka to increase the share of renewable energy sources in the country’s energy mix.
a year ago

COLOMBO, SRI LANKA (27 September 2017) 

The Asian Development Bank’s (ADB) Board of Directors has approved a $50 million loan to help fund rooftop solar power generation systems in Sri Lanka to increase the share of renewable energy sources in the country’s energy mix.

ADB will also administer a $1 million technical assistance from the Asian Clean Energy Fund under the Clean Energy Financing Partnership Facility to help build capacity, increase awareness of stakeholders, and support the project’s implementation in Sri Lanka.

“Sri Lanka’s energy sector has made tremendous progress over the last two and a half decades in bringing electricity to almost everyone in the country,” said Mukhtor Khamudkhanov, an ADB Principal Energy Specialist. “But there is a need to diversify the country’s energy mix toward more renewable and sustainable sources.”

Sri Lanka’s electrification rate stood at 99.3% in 2016 compared to just 29% in 1990, showing steady progress in improving access to electricity. However, the country remains highly dependent on fossil fuels. In 2016, thermal power contributed 67.2% of the total power generation compared to hydropower’s 24.6% and 8.2% of nonconventional renewable sources.This dependence on carbon-emitting energy sources makes Sri Lanka vulnerable to fluctuating fuel prices, while hampering the government’s efforts to reduce greenhouse gas emissions by 20% as part of its commitment to the Paris agreement.

ADB’s Rooftop Solar Power Generation Project will boost access to clean and reliable power in Sri Lanka. Specifically, the project will finance rooftop solar power subprojects equivalent to additional capacity of 50 megawatts while building capacity and awareness of relevant authorities, private sector partners, and customers. It will also develop a market infrastructure and bankable pipeline of subprojects for the solar power systems through greater cooperation with private financial institutions and the establishment of technical guidelines and standards for the system.

Total cost of the project is $59.8 million, to which the private sector will provide a $9.8 million equity contribution. The project’s expected completion date is the end of 2021.

Illustration Photo: Rooftop Solar Panels in Sri Lanka (credit: ADB)

Source: ADB

Comments

No comments to display.

Related posts

A Comprehensive IoT Node Proposal Using Open Hardware. A Smart Farming Use Case to Monitor Vineyards

The last decade has witnessed a significant reduction in prices and an increased performance of electronic components, coupled with the influence of the shift towards the generation of open resources, both in terms of knowledge (open access), programs (open-source software), and components (open hardware).

EU's Call for Proposals: Regenerative medicine: from new insights to new applications

Regenerative medicine offers hope for untreatable disease and the ageing population, improved quality of life and reduced medical costs. However, so far, regenerative medicine has not yet proved itself in the clinic beyond rare diseases or conditions of limited public health importance. With recent scientific discoveries opening up new approaches to regenerative medicine, the challenge is to use these to extend the regenerative approach to major diseases and conditions.
Application Deadline in 4 months

Mobile money holds key to financial inclusion in Africa, experts say

More than 10% of adults in sub-Saharan Africa have a mobile money account, the highest in the world, and it is spreading to West Africa and beyond.

EU's Call for Proposals: Innovative approaches to urban and regional development through cultural tourism

The various forms of cultural tourism in Europe are important drivers of growth, jobs and economic development of European regions and urban areas. They also contribute, by driving intercultural understanding and social development in Europe through discovering various types of cultural heritage, to the understanding of other peoples' identities and values. However, although cultural tourism by its nature invites cross border regional and local cooperation, its full innovation potential in this respect is not yet fully explored and exploited.
Application Deadline in 3 months

UMITRON secures US$2 million project funding to deliver IoT and AI technology to drive growth of sustainable aquaculture

IDB Lab's grant resources will be used by UMITRON and Piscis to test and calibrate UMITRON's AI feeding technology. Additionally, funds will be used to both train local producers and scale up UMITRON's solution in the Lake Titicaca region. The end goal is to implement data-driven aquaculture feeding technology for farmers in Peru and eventually all of Latin America.

Call for applications: UN SDG Action Awards

Every year, the UN SDG Action Awards recognize individuals, civil society organizations, subnational governments, foundations, networks, private sector leaders who are advancing the global movement for the Sustainable Development Goals in the most transformative, impactful and innovative way.
Application Deadline in a month

Call for applications: DOEN Foundation Circular Entrepreneurship Programme 2019 for young Social Entrepreneurs

DOEN is looking for sustainable, social entrepreneurs with innovative products or services that will contribute to the creation of this new circular economy. We are looking for people who dare to take risks and seize new opportunities. People who come up with new solutions or business models.
Application Deadline in 2 months

Call for collaborative projects: IoT4Industry - Application of IoT technologies in the manufacturing environment

The IoT4Industry project seeks to support EU growth and competitiveness through the development of a new cross-sectoral industrial value chain based on the integration and use of IoT and related components (sensors, chips, electronics component, communication networks, cloud computing, Big Data, Artificial Intelligence, digital security, etc.) into manufacturing tools, machines and robots, industrial processes, factories environment, supply chain integration, intra logistics & logistics 4.0 product life cycle, smart packaging, etc.
Application Deadline in a day

ESA's Call for Proposals: Space and Biotechnology

The European Space Agency’s “Space and Biotechnology” opportunity offers support and funding to companies looking to develop biotechnology services that can benefit from using space-based data or capabilities.
Application Deadline in a month

The Shell GameChanger™ Accelerator Powered by NREL Announces First Cohort of Start-Ups

Each participating startup will receive as much as $250,000 in non-dilutive funding to aid in development and demonstration of its technology, with the opportunity for future follow-on funding and beta-testing with a strategic program partner, in addition to access to expertise and laboratory capabilities at both NREL and Shell.