A US $ 100 million Line of Credit (LOC) agreement to Sri Lanka for projects in the solar energy sector, signed between the government and the Export-Import Bank of India, has been signed. traded by India’s High Commissioner to Sri Lanka Gopal Baglay and Treasury Secretary SR Attygalle last week. President Gotabaya Rajapaksa was also present. This LOC will help finance various projects in the solar energy sector in Sri Lanka, including those announced at the founding conference of the International Solar Alliance (ISA) held in March 2018, such as solar photovoltaic systems on roofs for households and government buildings.
More than 88 countries, including Sri Lanka, have signed the ISA Framework Agreement, which was jointly launched by the Prime Minister of India and the President of France, to bring countries together to promote the large-scale deployment of solar energy and overcome technology, financial and capacity challenges.
President Gotabaya Rajapaksa and India’s High Commissioner discussed the striking similarity of the national targets set by India and Sri Lanka in relation to solar energy. Over the past seven years, solar power generation in India has increased significantly to reach 34.6 GW in 2021, from around 2.6 GW in March 2014. The National Solar Mission of India aims to increase it further to 100 GW and beyond.
“The shared vision of our countries in the renewable energy sector reflects our common national priorities and the convergence of approaches for sustainable development. Strengthening collaboration in this vital sector will help improve our global energy partnership and contribute to our global efforts to combat climate change and reduce emissions, ”the High Commissioner said.