IFC works with Sri Lanka’s largest private bank to boost green financing

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Sri Lanka currently meets 70% of its energy requirements through thermal power. Credit: IFC

IFC is partnering with the Commercial Bank of Ceylon (CBC) to help the Sri Lankan bank invest more in local companies focused on renewable energy and energy efficiency.

The aim is to help CBC provide credit support to green projects, bringing more private sector investment into the South Asian island’s clean energy sector, via IFC’s Green-Finance Program.

CBC already offers special terms for both businesses and consumers on investments made on green projects, but IFC can now also give advisory support to the bank.

Sri Lanka currently meets 70% of its energy requirements through thermal power, so renewable energy will help reduce its dependence on fossil fuel-based energy sources.

Jegan Durairatnam, managing director of CBC, added: “There is substantial untapped potential in Sri Lanka for investments in green-energy projects.”

From a fairly muted start in PV compared to other Asian regions, Sri Lanka has seen various major solar-related announcements this year, including an international tender to set up a 100MW floating solar plant and plans to build a hybrid renewable energy park with 240MW of wind and 800MW of solar.

Read Next

November 25, 2020
US renewables owner Vesper Energy is set to accelerate the development of its solar and storage pipeline in North America after closing a letter of credit facility for up to US$100 million.
March 9, 2020
Masdar, EDP, Engie, Ib Vogt, JinkoSolar, Lightsource BP and Scatec Solar among dozens of firms submitting EOI for Sherabad project, the first of ADB-backed 1GW series.
February 24, 2020
Uzbekistan is seeking private sector developers for two 200MWac solar projects in the regions of Samarkand and Jizzakh.
January 7, 2020
World Bank body will back competitive bidding process for lowland PV plant, hoped by its sponsors to be the first of series in land-scarce, overcrowded Asian country.
November 20, 2019
Development bank duo go halves as they award US$200m in green loans to pipeline by Sempra Energy’s subsidiary, featuring four projects in Sonora, Aguascalientes and Baja California.
November 6, 2019
Project in Sirdarya follows Helios’ deal for 40MW extension to 300MW-plus Namagan complex and adds to PV growth in Central Asian state, lately known for ultra-cheap solar ventures.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021