DFCC recognised internationally for rooftop solar energy initiative
View(s):DFCC Bank was bestowed with a Merit Award at the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Awards Night held in Oman last month.
The award was given under the ‘Outstanding Development Project Awards, Category 2, Environmental Development’ for DFCC Bank’s project, ‘Funding the Installation of Rooftop Solar Systems of large rooftop owners’. By generating 11.4 Mega Watt(MW) of solar power, this project contributes to the overall objective of the ‘Soorya Bala Sangramaya’ of the government of Sri Lanka of adding 200MW of solar electricity to the national grid by 2020 and 1,000MW by 2025.
The award was accepted by the CEO of DFCC Bank, Lakshman Silva from Ms. Nahla Al-Hamadi, Director General of Industry, Ministry of Commerce and Industry. Mr. Silva was further invited to speak at the Plenary Session 3 of the 42nd ADFIAP Annual Meeting, on the topic – DFI’s and Technology Development for which he was bestowed with a token of appreciation. The session was attended by ADFIAP members, international partners, local delegates, and distinguished guests from the Omani government and ministries, according to a DFCC Bank media release.
DFCC Bank received this recognition because this is an innovative project as it involves installation of solar roofing (by a promoter specialising in renewable energy projects) on rooftops of large buildings owned by others. This model will thus be a major boost to the rooftop solar industry, as potential investors can rent space from large rooftop owners, such as garment factories, who are not interested in making the required capital investment for a project of this nature.
Commenting on the award, Mr. Silva said, “DFCC Bank has gone a step ahead from reaffirming its support for renewable energy by playing a proactive role by extending green financing for projects that harness renewable energy to take Sri Lanka closer to increase its renewable energy production while making a contribution to the national electricity grid. Developing green energy requires us to think out of the box and this unique project leverages on rooftops without having to stop due to scarcity of land. It is a practical and innovative solution that can be implemented in rural and urban areas alike. DFCC Bank has a strong track record in financing renewable energy projects, having financed more than 75 projects across a broad spectrum of green energy sources such as hydro, wind and now solar. We believe that as a bank we can make a great difference by extending loans for such nationally important projects.”
In 1996, DFCC Bank financed Sri Lanka’s first-ever privately owned, grid connected mini-hydro power plant, with both long-term debt and equity. The success of this pioneering project catalysed the harnessing of the country’s non-conventional renewable energy resources resulting in a nationally significant industry, which today supplies nearly 10 per cent of the nation’s electricity needs.
DFCC also financed a pioneering manufacturer of turbines for local and foreign hydro power plants. This project was the recipient of ADFIAP’s award for ‘Outstanding Project – Technology Development’. DFCC’S assistance to the industry has not been confined to Sri Lanka; the bank has also extended funding to local hydropower developers to set up projects overseas.