Private sector financing opportunities for clean energy projects in Sri Lanka

Wednesday, 20 July 2016 00:00 - - {{hitsCtrl.values.hits}}

The Sri Lanka-Canada Business Council of the Ceylon Chamber of Commerce in keeping with its unwavering commitment to the membership and the community organised an interactive session recently with the participation of IFC, a member of the World Bank Group and the IFC-Canada Climate Change Program and the Government of Canada to help Sri Lankan private sector companies grow and develop their businesses by using clean and green renewable energy solutions.

The discussion involved representatives from IFC and IFC-Canada Climate Change Program and the High Commission of Canada. Speaking at the occasion were Jennifer Hart, Counsellor (Political/Economic) of the High Commission of Canada and Priyanka Coorey, Senior Investment Officer, IFC.

Welcoming the gathering, Chandev Abhayaratne, President of the Sri Lanka Canada Business Council, emphasised the importance financing opportunities for clean energy projects in Sri Lanka and also he emphasised the great contribution of Canadian High Commission and IFC in this regard.

During her speech, Hart spoke about Climate Change and Canada’s initiatives in this area. She also mentioned that Manitoba Hydro Research Center is providing their expertise to the Government of Sri Lanka to address the issues surrounding the recent electricity blackouts and Canada’s support to Sri Lanka to introduce sustainable sources to its energy mix to meet future energy needs.

Coorey mentioned that IFC leverages the private sector to advance innovative and viable climate solutions for emerging markets by offering project finance for climate-smart projects, including debt and equity, with long-term horizon, advisory services and technical assistance for companies to build capacity and help develop markets green bonds to bolster financing for climate-related investments and blended finance for some high-impact, first-mover climate projects, with support from donors.

The Gold Sponsor of the Event, Energynet Ltd., Ramesh Karunaratne – Managing Director, emphasised the factors that make solar photo voltaic systems attractive including tax benefits and low cost funding. He also mentioned that Energynet was an engineering organisation with over 30 years of experience in critical power systems.

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