Greenpower Secures $12M to Expand Sri Lanka Solar Rooftops

• Greenpower SL secures $12M from PIDG to double rooftop solar capacity, explore energy storage, and enhance PV operations in Sri Lanka.

Greenpower SL, a renewable energy independent power producer in Sri Lanka, has secured a USD 12 million investment from the Private Infrastructure Development Group (PIDG) to expand its rooftop solar capacity to 190 MWp and explore new technologies. The funding, provided through PIDG's InfraCo platform, includes a USD 80,000 technical assistance grant. This investment will allow Greenpower to more than double its current 80 MWp rooftop solar portfolio, which is installed across public buildings in Sri Lanka.

The financing will also support the exploration of energy storage technologies and fund a feasibility study on nature-based solutions to enhance PV operations. PIDG joins existing shareholders Volta Groupe and Norfund in supporting Greenpower's initiatives. To date, Greenpower has installed solar arrays on over 1,300 public buildings, including schools and hospitals, across Sri Lanka.

How will Greenpower SL's USD 12 million investment impact Sri Lanka's solar energy landscape?

• Increased Solar Capacity: The investment will enable Greenpower SL to expand its rooftop solar capacity from 80 MWp to 190 MWp, significantly increasing the availability of solar energy in Sri Lanka.
• Enhanced Energy Security: By boosting solar capacity, the investment will contribute to greater energy security and reduce reliance on fossil fuels, aligning with Sri Lanka's renewable energy goals.
• Technological Advancements: The funding will support the exploration of new energy storage technologies, which can improve the efficiency and reliability of solar energy systems.
• Feasibility Studies: A portion of the investment will be used for a feasibility study on nature-based solutions, potentially leading to innovative methods to enhance photovoltaic operations.
• Public Infrastructure Benefits: With solar arrays already installed on over 1,300 public buildings, the expansion will further benefit public infrastructure, reducing energy costs for schools, hospitals, and other facilities.
• Environmental Impact: The increased use of solar energy will contribute to a reduction in carbon emissions, supporting environmental sustainability efforts in Sri Lanka.
• Economic Growth: The investment is likely to create jobs in the renewable energy sector, contributing to economic growth and development in the region.
• Support from International Partners: The involvement of PIDG, along with existing shareholders Volta Groupe and Norfund, highlights international confidence in Sri Lanka's renewable energy potential.