ADB signs deal for $ 150 m credit line to CEB

Friday, 20 December 2024 00:40 - - {{hitsCtrl.values.hits}}

Asian Development Bank Resident Mission Director T. Kadono (left) and CEB General Manager Engineer Ronald Comester sign the agreement as Treasury Secretary Mahinda Siriwardena looks on

The Asian Development Bank (ADB) and Ceylon Electricity Board (CEB) yesterday signed an agreement for a loan of $ 150 million.

After rigorous due diligence by ADB on technical, economic and social merits of CEB’s upcoming investment proposals, ADB approved the loan package in November 2024.

Through these funds, several essential projects in CEB’s long-term transmission plan will be implemented over 2025-2027, which will improve the overall reliability and stability of the grid. Transmission assets built through this loan will enable the integration of planned large-scale renewable energy developments to the national grid.

The financing will support: construction of six new grid substations; construction of 87 km of 132 kV transmission lines; construction of 45 km of 220 kV transmission lines and augmentation of two existing grid substations.

CEB and its distribution subsidiary Lanka Electricity Company (LECO), serve over 7.5 million electricity customers, through CEB’s transmission network comprising 3,400 km of high voltage lines and 90 grid substations.