📢 Cabinet Approves Financing for $35M ADB-Backed Rooftop Solar Project

The Cabinet of Ministers has officially cleared financing agreements to implement the Grid-Based Rooftop Solar Power and Virtual Net Meter Reading Project. The initiative aims to enhance the grid-integration of renewable energy generated by independent power producers, households, and businesses. Funding Breakdown: • Asian Development Bank (ADB): US$ 35.00 Mn loan. • European Union (EU): Grant worth over € 15.40 Mn. • Japan (Japanese Fund for the Joint Credit Mechanism): Grant worth US$ 5.50 Mn. Key Project Details: • Objective: Improve the utilization and distribution of solar energy while expanding small- and medium-scale clean energy projects. • Mechanism: Facilitates greater integration of rooftop solar into the national grid using a virtual net metering mechanism. • Background: Following initial approval in November 2025, negotiations with development partners have successfully concluded. The proposal was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning, and Economic Development Minister.