India Offers $100 Mn LOC to Sri Lanka for Three Solar Projects

• India has actually used a LOC worth USD 100 million to Sri Lanka for 3 solar projects in the country, according to an official statement.

India has provided a Line of Credit (LOC) worth USD 100 million to Sri Lanka for three solar projects in the country, according to a main declaration. India's high commissioner to Sri Lanka Gopal Baglay had contacted the priest of power Dullas Alahapperuma and stated India's commitment in the direction of a solid as well as multi-faceted reciprocal partnership consisting of in the power market, the Indian objective stated in a statement.

Based on the declaration, they went over various problems of mutual interest consisting of means to quicken progress on bilateral power projects currently controversial in between both sides. The Indian agent likewise turned over a duplicate of a letter sharing a deal from India to Sri Lanka for a Line of Credit (LoC) worth USD 100 million for three solar projects introduced throughout the International Solar Alliance Founding Conference held in March 2018 in New Delhi, the declaration claimed.

The LoC will cover funding for rooftop solar systems meant for 20,000 households and 1,000 federal government buildings all across the island. The mixed generation capability of these roof systems will certainly be about 60 MW, it said. The LoC will certainly also provide financing for a floating solar energy plant. The implementation of the LoC will certainly start with the verdict of an LoC arrangement between both sides, it stated.

The Indian high commissioner conveyed that the USD 100 million LoC is in line with the nationwide priorities of India and also Sri Lanka to improve the share of solar as well as renewable resource in total power generation, the statement added.

In March, the Ceylon Electricity Board (CEB) in Sri Lanka had released a Request for Proposal (RfP) inviting proposals from qualified companies for the establishment of 150 MW solar PV nuclear power plant in 1-10 MW capabilities on a Build, Own and Operate Basis under the Sooraya Bala Sangramaya Phase-- III.