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The Asian Development Bank (ADB) has approved a $57.4 million financing package to support Sri Lanka’s efforts to expand access to affordable clean energy and reduce greenhouse gas emissions through an ambitious rooftop solar aggregation and virtual net metering initiative.
The financing package includes a $35 million concessional loan, $16.9 million in grants from the European Union, and $5.5 million from the Japan Fund for the Joint Crediting Mechanism. With additional counterpart funding from implementing agencies, the total estimated project cost stands at $80.5 million.
The Rooftop Solar Aggregation and Virtual Net Metering Project will enable two government-owned utilities, Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Limited, to roll out a scalable model that pools electricity generated from large rooftop solar systems and redistributes it virtually to eligible consumers.
This model allows multiple users to benefit from solar power without the need to install rooftop panels individually.