India offers $ 100 million line of credit to Sri Lanka for solar projects

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Colombo:

India has offered a line of credit worth $ 100 million to Sri Lanka for three solar projects in the country, according to an official statement.

Indian High Commissioner to Sri Lanka Gopal Baglay called on Energy Minister Dullas Alaopheruma and reiterated India’s commitment to a strong and multi-faceted bilateral partnership, including in the sector electricity, the Indian mission said in a statement.

They discussed various issues of mutual interest, including ways to accelerate progress on bilateral power projects currently under discussion between the two sides.

The Indian envoy also handed over a copy of a letter conveying an offer from India to Sri Lanka for a line of credit (LoC) worth $ 100 million for three solar projects announced at the conference of foundation of the International Solar Alliance which was held in March 2018 in New Delhi. , the statement said.

The LoC will cover the financing of rooftop solar systems for 20,000 homes and 1,000 government buildings across the island. The combined production capacity of these roofing systems will be around 60 MW, he said.

The LoC will also finance a floating solar power plant. The implementation of the LoC will begin with the conclusion of a LoC agreement between the two parties, he said.

The Indian High Commissioner said the US $ 100 million letter of credit is in line with India and Sri Lanka’s national priorities to increase the share of solar and renewable energy in overall energy production, the statement added.

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