Sri Lanka NDB mulls renewable energy project funding

Mar 26, 2012 (LBO) – National Development Bank said it is considering funding projects to generate energy from bio-mass, waste and solar having given loans to support hydro and wind power plants. They were among several key sectors identified by NDB’s project finance division for lending to support economic growth in post-war Sri Lanka, a statement said.

“We are committed to promoting key sectors of the economy that are considered of strategic importance to the overall socio-economic development objectives of the country, said Russell de Mel, chief executive of NDB.

NDB has over the years funded projects in sectors such as energy, plantation, telecommunication, tourism, chemicals, and plastics and rubber-based industries.

“Reliable and uninterrupted power supply is a prerequisite for the development drive and rapid economic growth,” it said.

“Renewable sources play an important role in energy generation in the back drop of escalating fossil fuel prices used in thermal power generation.”

NDB as a development financier has so far funded 24 hydro power projects with a total capacity of 73 MW by providing loans to the value of over 2.5 billion rupees.

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