DFCC to finance first private grid-connected solar power project
View(s):DFCC Bank PLC, known for being the pioneer in Renewable Energy financing, will soon add Solar Energy to its Renewable Energy Portfolio.
The bank recently approved a project loan to Saga Solar (Pvt) Ltd in an initiative that was analysed and structured by DFCC’s own multifaceted team.
Solar energy has been regarded as the green energy category with the highest potential and is expected to form the future of Sri Lanka’s green energy drive. There have been solar applications in the country before on a small scale such as domestic solar PV systems, solar powered drip irrigation, street lamps and electric fences. However, this project will be the first large scale commercial solar project with grid connectivity. The project will add 10 Mega Watt of generating capacity and is located at a 45 acre site in Hambantota, the bank said in a media statement.
DFCC Bank has structured the financial solution sought by the borrower and is assisting the project promoter from concept to finish. The bank is confident that this project will set the stage for other solar energy developers, lending agencies and equity investors to increase their focus on the Solar Energy sector.