USD 50 million from ADB to support the Enterprise Sri Lanka rooftop solar power project

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The Enterprise Sri Lanka projects which was launched by the Ministry of Finance and Mass media to inspire, assist and create a minimum of 100,000 new entrepreneurs has received Rs 8 billion ( USD 50 Million) from the Asian Development Bank for the rooftop solar power generation project

The loan agreement in this regard was signed by Dr. R H S Samaratunga, Secretary, Ministry of Finance and Mass Media and Ms. Sri Widowati, Country Director of ADB Sri Lanka Resident Mission Tuesday, 18 at the Ministry of Finance and Mass Media.

The main objective of this project is to support government’s “Battle for Solar Power Programme” to achieve the target of 200 MW by 2020 and 1000 MW by 2025 through solar power generation. Clean and sustainable power generation will be enhanced through the proposed project by increasing debt facilities and funding for the rooftop solar power generation, developing solar rooftop market infrastructure and bankable subproject pipeline. It is expected to add 50 MW to the national grid under this project.

The Enterprise Sri Lanka subsidized loan scheme has introduced a Donor funded refinance loan scheme to make provisions for rooftop Solar Power generation project with the aegis of the ADB. The households and the entrepreneurs will be provided maximum credit facilities up to Rs 7. 5 million on the lending rate of 8 percent per annum.

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