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India provides $100 million line of credit for three solar projects

Indian High Commissioner Gopal Baglay called on the Minister of Power, Dullas Alahapperuma today and reiterated India's commitment towards a strong and multi-faceted partnership with Sri Lanka including in the power sector.

They also discussed various issues of mutual interest including ways to expedite progress on bilateral power projects currently under discussion between the two sides. The High Commissioner also handed over a copy of a letter conveying an offer from India to Sri Lanka for a Line of Credit worth US$ 100 million for three solar projects announced during the International Solar Alliance Founding Conference held in March 2018 in New Delhi. This LoC will cover financing for rooftop solar systems meant for 20,000 households and 1,000 government buildings all across the island.

The combined generation capacity of these rooftop systems will be about 60 MW. The LoC will also provide financing for a floating solar power plant. The implementation of the LoC will begin with the conclusion of an LoC agreement between the two sides. The High Commissioner conveyed that the US$ 100 million LoC is in line with the national priorities of India and Sri Lanka to enhance the share of solar and renewable energy in overall energy generation.

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