☀️ ADB Approves US$ 57.4 Mn for Sri Lanka’s Rooftop Solar & Grid Modernization

• Funding Breakdown: Total project cost is estimated at US$ 80.5 Mn. This includes a US$ 57.4 Mn ADB financing package—comprising a US$ 35 Mn concessional loan, a US$ 16.9 Mn European Union grant, and a US$ 5.5 Mn Japan Fund grant—supplemented by counterpart funding from implementing agencies. • Capacity & Partners: Supports approximately 25 megawatt-peak (MWp) of rooftop solar installations. The project will be executed by Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Limited. • Core Mechanism: Introduces a utility-led rooftop solar aggregation and virtual net metering model. It pools electricity from large rooftop systems and virtually distributes credits, enabling consumers to access solar power benefits without installing individual panels. • Economic & National Impact: Specifically benefits micro, small, and medium enterprises (MSMEs) and community organizations facing space or financial constraints, lowering their electricity costs via a social compensation mechanism. • Infrastructure & Employment: Focuses on distribution network digitalization and grid modernization to support decentralized renewable energy. Additionally, it will establish a green skills training facility to drive employment and participation for women and youth in the clean energy and power sector.