Amana Bank and Singer join hands to make solar power affordable for all - Opportunity Sri Lanka
Amana Bank and Singer join hands to make solar power affordable for all

Amana Bank and Singer join hands to make solar power affordable for all

Daily FT: In a significant step towards a more sustainable future, Amana Bank PLC and Singer PLC have teamed up for a greener future, to make solar power accessible and affordable for everyone.
Through this partnership the customer can obtain solar systems backed by Singer PLC’s renowned reliability and quality assurance while enjoying affordable people friendly financing from Amana Bank.
An MOU on this partnership was recently signed by Singer (Sri Lanka) Group CEO/Managing Director, Mahesh Wijewardene and Amana Bank Chief Operating Officer Imtiaz Iqbal in the presence of the Bank’s VP Retail Banking & Marketing, Siddeeque Akbar, Head of Retail Finance, Riyaz Noor, Singer PLC’s Sales Director, Vajira Thennakoon. Director IT, Kapila Perera, Business Development Manager, Waruna Wickramasinghe, Marketing Manager, Piyum Jayatilake and Asst. Operations Manager, Manoj Rupasinghe.
Amana Bank’s VP Retail Banking & Marketing, Siddeeque Akbar said: “We are honoured to unveil this partnership with Singer, a Company trusted by every household in Sri Lanka, and thereby providing affordable access to sustainable energy solutions in line with our mission of Enabling Growth and Enriching Lives. We are excited to be part of this initiative, helping our customers take control of their energy consumption and costs while contributing to build a more sustainable world.”
Singer PLC’s CEO Mahesh Wijewardene said: “Singer PLC is excited to collaborate with Amana Bank to empower customers to embrace clean energy solutions while effectively managing their budgets. Having delivered quality and reliability in the world of consumer electronics, we look forward to leverage on this partnership to offer our solar solutions along with Amana Bank’s unique proposition of non-interest-based people friendly banking.”

OSL take:
Sri Lanka’s power industry has become a hotspot for business/investment opportunities. The adoption of a policy by the Sri Lankan government to increase Sri Lanka’s renewable energy generation component to 70% of the country’s energy mix has also helped boost the business/investment opportunities in the power industry, especially in the renewable energy generation sector. With Sri Lanka’s overall economic expansion and the target of becoming an emerging business destination in the South Asian region have all increased the country’s demand for power, especially clean energy. The growth and profits recorded by local businesses engaged in the power industry, especially in the renewable energy sector, indicates the growing business potential in the renewable energy sector. Among the opportunities in the sector are the introduction of state-of-the-art innovations related to the renewable energy generation sector for more efficient use of clean and sustainable energy. Given the growing demand and expanding opportunities, foreign businesses/investors could explore the opportunities. Foreign businesses/investors could also look at forming partnerships or joint ventures with local businesses engaged in the power industry with the aim of further expansion.

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Article Code : VBS/AT/20231212/Z_3

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