Sri Lanka Signs USD 100 Million LoC with India for Solar Energy Projects!

Sri Lanka | Energy | 17th June 2021 | Virtual Wire

India became the first country to companion with Sri Lanka, fulfilling the vision of President Gotabaya Rajapakse to ensure that 70% of Sri Lanka’s countrywide power requirements are fulfilled by renewable energy sources by 2030, as reiterated during his address at the recently concluded Sri Lanka Investment Forum.

In this context, an agreement extending a USD 100 million Line of credit (LoC) to Sri Lanka for projects in the Solar Energy Sector. It was signed between the Government of Sri Lanka and the Export-Import Bank of India, was exchange by the High Commissioner of India to the Treasury S.R. Attygalle, in the presence of President Gotabaya Rajapakse on the 16th of June.

This USD 100 Million LoC will support finance various projects solar energy sector in Sri Lanka, including those announced during the Founding Conference of the International Solar Alliance (ISA) held in March 2018, such as a rooftop solar photovoltaic system for households and government buildings.

89 international locations including Sri Lanka, have signed the framework agreement of ISA, which was collectively launched by the Prime Minister of India and the president of France. To bring together countries to promote the large-scale deployment of solar energy and overcome challenges related to technology, finance, and capacity.

President Gotabaya Rajapakse and the High Commissioner of India discussed the placing similarity in the nationwide objectives outlined by India and Sri Lanka in connection with solar energy.

The Indian High Commissioner acknowledges, shared vision of the two countries in the renewable energy sector reflects their common national priorities and convergence of approaches for sustainable development.

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