ADB Approves $300 Million Loan to Boost Sri Lanka’s Renewables

The Asian Development Bank approved a $300 million loan to help Sri Lanka expand the use of renewable energy for power generation, reducing reliance on imported oil.

Half of the loan will fund a 30-megawatt hydropower plant at Moragolla in Central Province and upgrade transmission lines and other infrastructure in areas including the former conflict-affected northern and eastern provinces, ADB said today in a statement on its website.

The remainder, expected to be extended in 2016, will help expand a 33-kilovolt medium-voltage network and build transmission lines to deliver power from two 100-megawatt wind farms to be built in the northern province, ADB said.

— With assistance by Feifei Shen

Before it's here, it's on the Bloomberg Terminal.