NDB Bank’s contribution for Renewable Energy rewarded

NDB Bank’s Project Finance Unit was recognised as the Renewable Energy (RE) Financier of the Year at the PV Invest Tech Sri Lanka 2021 and Sri Lanka Annual Solar Awards 2021 recently held at Taj Samudra Hotel, Colombo. The bank’s Vice President - Project Finance and Corporate Credit Control Ms. Ishani Palliyaguru also won the Women Leadership & Business Excellence Award at the ceremony.

The event and awards ceremony was organised by EQ Magazine of India, which is a leading magazine focusing on Solar PV, in the Asian region. This award was received at a time when NDB bank has recognized the renewable energy sector as one of bank's focused industries in view of its alignment towards fostering sustainability with a greener economy. NDB wishes to maintain its strong support for the renewable energy sector, which will assist fulfillment of the government’s aspiration to reach 70 per cent of the country’s electricity requirement through renewable energy by 2030, the bank said in a media release.

NDB Bank has been instrumental in funding nearly 100 Renewable Energy Projects under direct lending by the bank’s Project Finance Unit.  The NDB Project Finance Unit has so far funded a total of 50 Solar energy projects, 36 Mini hydro projects, 9 wind projects and 3 bio mass projects all amounting to a capacity in excess of 250 megawatts.

Furthermore, NDB is also the first bank in Sri Lanka to finance a commercial scale bio mass project and is one of four banks to finance the first wind power project in Sri Lanka and the first bank to finance an overseas project (mini hydro) on its own merits.