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ADB to finance rooftop solar power systems in Sri Lanka
September 28, 2017
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COLOMBO: The Asian Development Bank’s (ADB) board of directors has approved a $50 million loan to help fund rooftop solar power generation systems in Sri Lanka to increase the share of renewable energy sources in the country’s energy mix.

ADB will also administer a $1 million technical assistance from the Asian Clean Energy Fund under the Clean Energy Financing Partnership Facility to help build capacity, increase awareness of stakeholders, and support the project’s implementation in Sri Lanka.

“Sri Lanka’s energy sector has made tremendous progress over the last two and a half decades in bringing electricity to almost everyone in the country,” said Mukhtor Khamudkhanov, an ADB Principal Energy Specialist. “But there is a need to diversify the country’s energy mix toward more renewable and sustainable sources.”

Sri Lanka’s electrification rate stood at 99.3% in 2016 compared to just 29% in 1990, showing steady progress in improving access to electricity. However, the country remains highly dependent on fossil fuels. In 2016, thermal power contributed 67.2% of the total power generation compared to hydropower’s 24.6% and 8.2% of nonconventional renewable sources. This dependence on carbon-emitting energy sources makes Sri Lanka vulnerable to fluctuating fuel prices, while hampering the government’s efforts to reduce greenhouse gas emissions by 20% as part of its commitment to the Paris agreement.

Reuters

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