India offers US$ 100 m LoC for Solar projects | Daily News


India offers US$ 100 m LoC for Solar projects

High Commissioner of India to Sri Lanka Gopal Baglay called on the Minister of Power Dullas Alahapperuma yesterday, conveying an offer for a US$ 100 million Line of Credit 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 noted that the 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. He congratulated the Minister on assuming office and reiterated India’s commitment towards a strong and multi-faceted partnership with Sri Lanka including in the power sector. They discussed various issues of mutual interest including ways to expedite progress on bilateral power projects currently under discussion between the two sides.

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