DFCC Bank is proud to be the lead financier of Sri Lanka's first utility-scale grid connected solar power project implemented by the private sector.
Promoted by Sagasolar Power (Pvt) Ltd, and located at Buruthankanda, Hambantota, this 10 MW power project utilizes photovoltaic technology to convert sunlight to electricity. It is expected to add 19GWh of clean green energy to the national grid each year for upwards of 25 years.
The commissioning of this project is a major milestone in the harnessing of Sri Lanka's indigenous non-conventional renewable energy resources. DFCC is also financing another 10MW solar project being implemented at the same location by Anorchi Lanka.
DFCC Bank partnered with Commercial Bank of Ceylon and Hatton National Bank as co-financiers, and with the European Investment Bank to source green funding.
DFCC Bank CEO Arjun Fernando said: “DFCC Bank is proud to be associated with the nation's first 10 MW solar power project as the Lead Financier. We would like to congratulate Sagasolar Power (Pvt) Ltd for successfully commissioning this ground-breaking project, which will provide a boost to Sri Lanka's efforts in harnessing sustainable energy solutions. Our domain of expertise and customised financial solutions are of critical importance in seeing such projects reach fruition. DFCC is on a path of robust expansion and we envision growth in this and other sectors that will spur greater economic development in the country.”
DFCC Bank has a strong track record in financing renewable energy projects, having financed more than 70 projects across a broad spectrum of technologies. In 1996, the Bank financed Sri Lanka's first-ever privately-owned, grid connected mini-hydro power plant, with both long term debt and equity. The success of this pioneering project catalysed the harnessing of the country's non-conventional renewable energy resources resulting in a nationally significant industry, which today supplies nearly 10% of the nation's electricity needs.
DFCC also became the pioneer financier for private sector wind power projects in Sri Lanka, when it part financed the first wind power project in 2010. Its involvement in this undertaking extended beyond mere financing, to facilitating the introduction of a cost-based, technology-specific tariff structure.
This enabled projects using wind technology to be commercially viable and spurred development of this form of renewable energy in Sri Lanka.
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