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Daily FT
|June 23, 2025
The program will support new solar and wind energy projects that will add 1 gigawatt of clean electricity to the grid —bringing Sri Lanka closer to its goal of generating 70% of its electricity from renewable sources by 2030. The program is also expected to mobilise more than $800 million in private investment, helping to lower electricity costs and improve reliability for families and businesses.
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A core feature of the initiative includes $40 million in World Bank Group guarantees in the first phase. This will help reduce risks for private investors and energy producers. It is targeted to de-risk payment obligations from Ceylon Electricity Board (CEB), thus improving investors’ confidence and attract financing on more favourable terms. The World Bank Group's private sector arms - the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) — will provide complementary support through direct investments and political risk insurance.
This story is from the June 23, 2025 edition of Daily FT.
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