India extends $100 mn loan to Sri Lanka

It’ll support expansion of solar energy

India and Sri Lanka on Wednesday signedan agreementfor a $100-million loan from the Export Import Bank of India to support the island nation’s efforts to expand solar power coverage. Issuing a press statement on the bilateral initiative, the Presidential Media Division said one of the “key plans” of the government was to generate solar power, with the contribution of state-owned buildings, places of worship and houses of the low-income families. “Steps will also be taken to provide facilities to store solar energy in batteries for the low-income families that are unable to access the national power grid,” the statement said. Sri Lanka has an installed capacity of 4,213 MW of power. While 1,400 MW of that is hydropower, some 900 MW is produced from coal. Over the last five years, Sri Lanka has sought to tap more renewable sources of power, particularly solar power. The country’s electricity demand is expected to grow at an average 5.3% from 2015-2034, according to the Public Utilities Commission.