Sri Lanka concludes landmark Rs. 6.5 b wind power securitisation deal

Tuesday, 31 December 2024 01:33 - - {{hitsCtrl.values.hits}}

Groundbreaking initiative via partnership between National Savings Bank, Commercial Bank, and Ceylex Renewables

In a landmark development for Sri Lanka’s renewable energy sector, Liege Capital Holdings successfully concluded the second wind power securitisation for the Ceylex Renewables Mannar project, for Rs. 6.5 billion branded as “Windscape Mannar.”

This groundbreaking transaction was led by the National Savings Bank (NSB) as the Lead Banker and Trustee, with Commercial Bank of Ceylon as the co-investing bank.

The securitisation raises significant capital for Windscape Mannar, a project poised to harness Mannar’s wind potential to meet Sri Lanka’s growing energy needs sustainably.

NSB CEO Shashi Kandamby said: “As the Lead Banker and Trustee of this transaction, we are proud to support a pioneering project that aligns with Sri Lanka’s renewable energy goals. National Savings Bank remains committed to facilitating sustainable financing solutions that contribute to our nation’s energy independence and environmental preservation.”

Commercial Bank Managing Director/CEO Sanath Manatunge said: “This collaboration demonstrates the strength and benefits of banking partnerships in addressing the financing needs of Sri Lanka’s energy transition. Commercial Bank is honoured to play a critical role in co-investing in a project that sets benchmarks for future renewable energy financing.”

Ceylex Renewables CEO Sameera Ganegoda said: “Windscape Mannar is a testament to our commitment to innovation and sustainability. With the support of NSB, Commercial Bank, and Liege Capital Holdings, we are proud to lead Sri Lanka toward a greener energy future.”

Liege Capital Holdings CEO Maduranga Jayasundara said: “This transaction exemplifies how innovative financing can unlock the potential of renewable energy projects in Sri Lanka. By structuring scalable solutions like securitisations, we’re paving the way for future growth in the sector.”

The successful securitisation of Windscape Mannar marks a milestone in Sri Lanka’s renewable energy landscape. It sets a strong precedent for innovative financing, driving investments in clean energy projects and showcasing the potential of structured solutions in advancing the country’s sustainability goals.