Sri Lanka’s HNB embark on journey to enhance sustainable renewable energy generation capacity
Sri Lanka is among the top three Asian countries with the highest share of renewable energy sources according to a study carried out by REN21 (international policy network which supports sustainable energy future with renewables) in cooperation with the Asian Development Bank (ADB) in 2019, according to local media reports.
While this is a positive sign, the impact of global warming requires an immediate transformation of global energy use from the non-renewable sources to renewable if the world is to successfully tackle climate change.
It is in this backdrop that Sri Lanka’s Hatton National Bank (HNB) has stated that it has been the pioneering financial institution to embark on a journey towards enhancing sustainable renewable energy generation capacity. In recent years, the bank has reportedly facilitated numerous noteworthy investments into the renewable energy sector in Sri Lanka.
Over the past two and half decades HNB has introduced and promoted Environmental, Social and Governance (ESG) compliant investment opportunities in the country as well as in other parts of the world by financing off-shore renewable power projects promoted by local investors, local media reports stated.
“Throughout the contemporary development of renewable energy in Sri Lanka, HNB has served as an active partner. This has been a conscious decision on the part of the bank, as part of our own commitments to ensuring a sustainable energy future for our nation.
“As a result of our enduring presence in this field, we have gained vital technical expertise, which has enabled the bank to not only provide funding, but also function in an advisory capacity on such projects – both at the commercial level, and for retail investors installing rooftop solar capacity in their homes. This experience has ensured that we are now strongly positioned to support the rapid implementation of much more renewable energy capacity moving forward,” HNB Deputy General Manager, Wholesale Banking Group, Damith Pallewatte has been quoted as saying.
The government of Sri Lanka is committed to increasing the country’s renewable energy generation sector. With an impending power crisis, Sri Lanka’s power sector has become a hotspot for business/investment opportunities. Foreign businesses/investors engaged in the renewable energy generation sector could therefore explore business/investment opportunities in Sri Lanka’s power sector.
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