DFCC Bank leads in financing renewable energy in Sri Lanka

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 10MW 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 successful commissioning of this project is thus 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 (Pvt) Ltd.

In financing this project, 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. Analysed and structured by DFCC’s multifaceted team, this financing arrangement reflects the Bank’s commitment to develop the renewable energy sector as well as play a pivotal role in national economic development.
Arjun Fernando, CEO of DFCC Bank, says: “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. As Sri Lanka’s pioneering development bank, DFCC has extensive experience in financing renewable energy projects in the past and as a fully-fledged commercial bank today, we are well poised to empower many more such projects and thereby create a greater energy sector.”