Thursday Jul 16, 2026
Thursday Jul 16, 2026
Wednesday, 15 July 2026 00:01 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers on Monday approved entering into loan and grant agreements to finance the implementation of the Grid-Based Rooftop Solar Power and Virtual Net Meter Reading Project, securing a total funding package comprising a $ 35 million loan from the Asian Development Bank (ADB) and grants worth over € 15.4 million and $ 5.5 million from the European Union (EU) and Japan, respectively.
“The project has been identified as a priority initiative aimed at improving the effective utilisation and distribution of solar energy generated by independent power producers while supporting the expansion of small- and medium-scale renewable energy projects,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.
On 3 November 2025, the Cabinet of Ministers initially approved commencing negotiations with the ADB and other development partners on project financing.
“Discussions with the ADB, the EU and the Japanese Fund for the Joint Credit Mechanism have now been successfully concluded,” he said.
The project is expected to strengthen the country’s renewable energy sector by facilitating greater integration of rooftop solar power into the national grid through a virtual net metering mechanism, while encouraging wider participation by households, businesses and other independent power producers in clean energy generation.
The proposal to this effect was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning, and Economic Development Minister.
