India became the first country to partner with Sri Lanka in fulfilling the vision of President Gotabaya Rajapaksa, to ensure that 70% of Sri Lanka’s national power requirements are fulfilled by renewable energy sources by 2030, as reiterated during his address at the recently concluded Sri Lanka Investment Forum. In this context, an agreement extending a USD 100 million Line of Credit (LOC) to Sri Lanka for projects in the Solar Energy Sector, signed between the Government of Sri Lanka and the Export-Import Bank of India, was exchanged by the High Commissioner of India to Sri Lanka Gopal Baglay and Secretary to the Treasury S.R. This USD 100 million LOC will help finance various projects in the solar energy sector in Sri Lanka, including those announced during the Founding Conference of the International Solar Alliance (ISA) held in March 2018, such as rooftop solar photovoltaic systems for households and government buildings. President Gotabaya Rajapaksa and the High Commissioner of India discussed the striking similarity in the national objectives outlined by India and Sri Lanka in connection with solar energy. The National Solar Mission of India aims to increase it further to 100 GW and beyond, the High Commission of India in Sri Lanka stated, issuing a press release.

Source: The Nation June 16, 2021 17:00 UTC