Sri Lanka’s need for electricity is growing fast, with demand expected to double by 2035. The country enjoys plenty of sunshine throughout the year, making solar energy a smart way to cut down on costly fuel imports that strain the government’s budget. Currently, a large share of electricity comes from oil-based thermal power, which is expensive and puts energy security at risk. Switching to renewable sources like solar can make energy more affordable and reliable.
To address this, the government aims to boost rooftop solar installations to 1,000 megawatts by 2025. In 2018, the Asian Development Bank (ADB) supported this effort with a $50 million credit line to help homeowners and businesses install solar panels at low-interest rates. ADB also provided technical support to develop standards, guidelines, and a list of projects to get started. This initiative reflects ADB’s broader commitment to funding climate-friendly solutions.
This project aligns with the government’s goal to expand electricity access, promote clean energy, and improve the country’s energy mix. The funding was distributed through 10 financial institutions across the country, offering low-interest loans to customers. As a result, the project successfully installed 70.9 megawatts of solar power, contributing to a greener and more sustainable energy future for Sri Lanka.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
