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India has offered a Line of Credit (LoC) worth USD 100 million to Sri Lanka for projects in the solar energy sector, the Indian High Commission said.

Accordingly, an agreement extending a USD 100 million 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 Indian High Commissioner Gopal Baglay and Treasury Secretary, S.R. Attygalle, in the presence of President Gotabaya Rajapaksa, today (16) at the Presidential Secretariat.

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.

This line of credit 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 photo-voltaic systems for households and government buildings, the Indian High Commission said.

It may be recalled that 89 countries, including Sri Lanka, have signed the Framework Agreement of the ISA, which was jointly launched by the Prime Minister of India and the President of France, to bring together countries to promote large-scale deployment of solar energy and overcome challenges related to technology, finance and capacity.

President Gotabaya Rajapaksa and the Indian High Commissioner also discussed the striking similarity in the national objectives outlined by India and Sri Lanka in connection with solar energy.

"The shared vision of our countries in the renewable energy sector reflects our common national priorities and convergence of approaches for sustainable development. Strengthening collaboration in this vital sector will help enhance our overall energy partnership and contribute towards our global efforts to tackle climate change and reduce emissions," the Indian High Commission added.