Sri Lanka receives US$ 100 million Indian Line of Credit for solar projects in the island nation
The Indian High Commission in Colombo has announced that an Indian Line of Credit for US$ 100 million has been decided by the Indian government for undertaking solar projects in Sri Lanka, which includes development of 200,000 rooftop solar units for low income families (for US$ 50 million) and setting up of rooftop solar in government schools and colleges, hospitals and other government establishments in Sri Lanka (for US$ 50 million).
Sri Lankan President Maithripala Sirisena visited New Delhi from March 10-11, 2018 to attend the inaugural conference of the International Solar Alliance (ISA). The Conference was co-chaired by Prime Minister of India Narendra Modi and President of France Emmanuel Macron.
President Sirisena called on President of India Ram Nath Kovind and Prime Minister of India Narendra Modi on the sidelines of the Conference. He also attended the Presidential banquet hosted in Rashtrapati Bhawan on 10 March and lunch hosted by the Prime Minister on 11 March for the delegates.
The ISA Founding Conference brought together delegations from 46 countries all over the globe including Heads of State and Government from 21 countries. Several UN representatives, leaders of Multilateral Development Banks, business leaders in renewable energy, members of civil society and think tanks also attended the Conference. Delhi Solar agenda was released at the Conference.
Solar projects worth nearly US$ 1.4 billion in 15 countries were announced at the Conference under Government of India concessional financing.
ISA has been described by Prime Minister of India as the single most important global achievement after the Paris Accord on Climate Change. The first General Assembly of the ISA is expected to be held on the sidelines of the second edition of the Renewable Energy Global Investors Meet and Expo, in short REINVEST to be organized by the Ministry of New and Renewable Energy of India in April 2018.
62 Countries have joined ISA so far, out of which 32 countries have signed and ratified ISA Framework Agreement. Sri Lanka became a full-fledged member of ISA on February 12, 2018.
OSL take:
Sri Lanka’s membership in the ISA indicates the Sri Lankan government’s interest in promoting solar power generation in the country. The granting of a US$ 100 million Indian Line of Credit for solar power projects in the Sri Lanka would further promote solar power projects given the funding availability as well. Interested parties could explore the possibilities of getting access to funds from the Indian Credit Line to set up solar power generation mechanisms in Sri Lanka.
| Article Code : | VBS/AT/20180314/Z_3 |