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Sri Lanka's Ministry of Finance announced that the Asian Development Bank (ADB) has provided $50 million to implement the Soorya Bala Sangramaya solar program
.
The loan program is designed to help homeowners and businesses install rooftop PV systems
under a net metering and net accounting mechanism.
"The project is expected to add 50 megawatts of installed capacity to the national grid," the ministry said
in a statement.
The Soorya Bala Sangramaya solar program aims to add 200 megawatts of solar by 2020 and 1,000 megawatts of installed solar capacity
by 2025.
Originally designed only for electricity consumers with high electricity bills, the program was extended to low-income households
in March 2017.
"Families and entrepreneurs will receive a maximum line of credit of up to Rs 7.
5 million (about $45,000) at an interest rate of 8 per
cent per annum," the ministry said.
"In March last year, the maximum amount of the loan was Rs 350,000 and the maximum prime rate was 6 per cent
.
As outlined in Sri Lanka's Energy Sector Development Plan 2015-2025, the island nation's solar power generation is expected to meet 32% of its annual electricity demand of about 10,500 GW, but so far, only 0.
01%
of this potential has been realized.
Overall, it aims to reduce its carbon footprint by 5%
by 2025.
Sri Lanka's Ministry of Finance announced that the Asian Development Bank (ADB) has provided $50 million to implement the Soorya Bala Sangramaya solar program
.
The loan program is designed to help homeowners and businesses install rooftop PV systems
under a net metering and net accounting mechanism.
"The project is expected to add 50 megawatts of installed capacity to the national grid," the ministry said
in a statement.
The Soorya Bala Sangramaya solar program aims to add 200 megawatts of solar by 2020 and 1,000 megawatts of installed solar capacity
by 2025.
Originally designed only for electricity consumers with high electricity bills, the program was extended to low-income households
in March 2017.
"Families and entrepreneurs will receive a maximum line of credit of up to Rs 7.
5 million (about $45,000) at an interest rate of 8 per
cent per annum," the ministry said.
"In March last year, the maximum amount of the loan was Rs 350,000 and the maximum prime rate was 6 per cent
.
As outlined in Sri Lanka's Energy Sector Development Plan 2015-2025, the island nation's solar power generation is expected to meet 32% of its annual electricity demand of about 10,500 GW, but so far, only 0.
01%
of this potential has been realized.
Overall, it aims to reduce its carbon footprint by 5%
by 2025.
