Wednesday, April 17, 2024

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People’s Bank and George Steuart Solutions partnered to promote SL solar energy

By: Staff Writer

January 29, Colombo (LNW): In a strategic move towards sustainable energy solutions, People’s Bank and George Steuart Solutions Ltd. (GSS) entered into a Memorandum of Understanding (MoU) to collaborate on a pioneering initiative for solar solutions in Sri Lanka.

To encourage more investment in the renewable energy sector, the government is to support investors through various incentives, such as tax waivers and import tax exemptions.

By providing a conducive environment for investors, Sri Lanka can attract more capital and expedite the growth of renewable projects

This groundbreaking partnership aims to make solar energy more affordable to customers by offering a comprehensive package that combines financial support and incentives. People’s Bank, a leading commercial bank in Sri Lanka, will provide tailored loans for customers who are seeking to invest in solar systems.

The financial patronage will enable the adoption of solar energy solutions by making them accessible to a broader segment of the public.

Partnering in this collaboration, GSS, a prominent solar systems provider in Sri Lanka, will play a pivotal role by offering exclusive discounts on their wide range of solar products.

This synergy between banking and solar technology demonstrates a commitment to foster sustainable practices and encourage the drive towards renewable energy.

This collaboration is a vibrant example of how the banking and renewable energy sectors could collaborate to create impactful initiatives. As this initiative gains momentum, it holds the promise to transform the renewable energy landscape and contribute to a brighter and greener future for Sri Lanka.

The power and energy ministry is exploring the potential of solar power generation by identifying 31 reservoirs suitable for floating solar panels.

This effort, involving both the Sri Lanka Mahaweli Authority and the Irrigation Department, could harness 2524 MW of power from 14 Mahaweli Authority reservoirs and 553 MW from 17 Irrigation Department reservoirs.

These initiatives, all implemented in collaboration with the Ministry of Power and Energy, hold great promise for enhancing water security and sustainable energy production in Sri Lanka, a senior official of the ministry said.

The aim is to generate 3,376 GWh of renewable energy, accounting for 20% of the overall electricity requirement.

Ground-mounted solar projects offer a promising opportunity to expand renewable energy capacity in Sri Lanka.

However, the selection of suitable land for these projects must be carefully done, as many lands are irrigated and can be utilized for agriculture or other purposes. Implementing ground-mounted solar projects on idle lands can help the country achieve its renewable energy targets without compromising other vital sectors.

The renewable energy sector in Sri Lanka faces challenges due to inconsistent government policies. Investors require long-term stability to recoup their investments, but economic downturns, currency devaluation, and restrictions on expatriation of profits have adversely affected entrepreneurs’ willingness to invest in renewable projects.

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