The Cabinet of Ministers has approved agreements to finance the “Grid‑Based Rooftop Solar Power and Virtual Net Meter Reading” project, identified as a priority initiative to expand small‑ and medium‑scale renewable energy.
Under the resolution presented by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development, Sri Lanka will obtain:
- US$35 million loan from the concessional general capital resources of the Asian Development Bank (ADB)
- EUR 15.4 million grant from the European Union (EU)
- US$5.5 million grant from the Japanese Fund for the Joint Credit Mechanism
The project aims to provide solutions for the effective use and distribution of solar energy by independent power producers, while strengthening the country’s renewable energy framework.
Negotiations with the ADB, EU, and Japanese Fund were concluded following Cabinet approval in November 2025 to pursue financing.
According to the government, the initiative will improve efficiency in rooftop solar deployment and support Sri Lanka’s long‑term renewable energy goals. (Newswire)