An agreement signed between the government and the Export-Import Bank of India to extend a credit line of 100 million US dollars (LOC) to Sri Lanka for projects in the solar energy sector has been sent to Sri Lanka by the High Commissioner of India. Gopal Baglay and the Minister of Finance, SR Attygalle last week. President Gotabaya Rajapaksa was also present. This LOC will help fund various projects in the solar energy sector in Sri Lanka, including those announced during the International Solar Alliance (ISA) inaugural conference in March 2018, such as rooftop photovoltaic systems for households and government buildings.
Over 88 countries, including Sri Lanka, have signed the ISA Framework Agreement, jointly launched by the Indian Prime Minister and the French President to bring countries together to promote the widespread use of solar energy and address related challenges related to technology, Finances and capacities.
President Gotabaya Rajapaksa and the High Commissioner of India discussed the striking similarity of the national goals that India and Sri Lanka have outlined in relation to solar energy. Over the past seven years, solar power generation in India has increased significantly from around 2.6 GW in March 2014 to 34.6 GW in 2021. The National Solar Mission of India wants to increase it further to 100 GW and beyond.
“The shared vision of our countries in the field of renewable energies reflects our common national priorities and the convergence of approaches to sustainable development. Enhancing cooperation in this important sector will help strengthen our overall energy partnership and contribute to our global efforts to combat climate change and reduce emissions, ”said the High Commissioner.