Sep 27 (Renewables Now) - The Asian Development Bank (ADB) has approved a USD-50-million (EUR 42.6m) loan to finance rooftop solar power projects in Sri Lanka equivalent to 50 MW of capacity.
The total value of the project is USD 59.8 million, the bank said today, and will include a USD 9.8 million equity contribution from the private sector. The scheme is expected to run till the end of 2021.
ADB will also manage USD 1 million of technical assistance from the Asian Clean Energy Fund to help build capacity and awareness, and support the execution of the project.
The initiative is designed to increase the share of renewables in Sri Lanka's energy mix. While the country has managed to boost its electrification rate to 99.3% in 2016 from only 29% in 1990, it remains dependent on fossil fuels, ADB said. Last year 67.2% of Sri Lanka's power was from thermal sources, with hydropower and non-conventional renewables contributing 24.6% and 8.2%, respectively.
(USD 1 = EUR 0.852)