US$ 50 m from ADB for renewable power projects | Daily News

US$ 50 m from ADB for renewable power projects

The Solar Power, Wind and Hydropower Generation Development State Ministry as a policy is encouraging Sri Lankans wherever possible to install roof-top solar systems with a package of incentives offered to those interested. State Minister Duminda Dissanayake referring to the huge push to boost rooftop – solar told the Daily News that loan facilities at the interest rate of five per cent is now offered to them, and the Asian Development Bank has agreed to provide funds worth US$ 50 Million initially to carry on with this scheme.

"On the instructions of President Gotabaya Rajapaksa. We have stopped the construction of coal – fired electricity generation plants and instead accelerated electricity generation from renewable to supply seventy per cent of power to the National Grid by 2030. The President in his speech at the United Nations Summit recently requested the Governments and Internationals reputed organizations to invest on renewable electricity generation in Sri Lanka to achieve these targets. In 2019 the country fulfilled 35 percent of its electricity requirement from mainly hydro power. By 2030 we have planned to increase the quantity by facilitating more investment in rooftop solar and wind power, the State Minister emphasized.

He said that it is envisaged to generate 4800 MW from the solar systems by 2030. It is learnt that the Government aims to have a carbon-neutral power generation methodology within the next 30 Years as indicated in a document recently submitted to the United Nations Climate Change Forum. According to the Sri Lanka Sustainable Energy Authority which supervises, regulates and administers the renewable energy resources and the industry, solar energy generation projects are implemented across renewable energy industrial parks including large scale roofs and households.

According to the SLSEA, the costs for renewable energy is greatly reduced and in addition solar energy buy – back to the grid is an encouragement for more people to contribute to the installation of solar systems as it earns a substantial additional income for them.

Sri Lanka has a single 900 MW Coal Power plant commonly known as Norochcholai Lak Vijaya power station built in 2006 with China's financial and technological support. One third of the country's electricity demand is fulfilled by this plant at present.

The Government has decided to stop building coal – fired power plants as it has been alleged that such plants damage the health of the residents in the proximity and the ash being produced as a byproduct in coal burning damages the environment and nearby agricultural crops.

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