• ADB has approved a $200 million loan to upgrade Sri Lanka’s power grid, enhance renewable energy integration, reduce power interruptions, and modernize infrastructure.

The Asian Development Bank (ADB) has approved a $200 million loan to upgrade Sri Lanka’s power grid, enabling the integration of more renewable energy and the development of a battery storage system. The loan, contingent on reforms in cost recovery and competitive renewable energy, aims to support the government’s goal of increasing renewable energy in the electricity mix. The project will reduce power interruptions, minimize transmission losses, and modernize infrastructure with digitalization solutions. The Ceylon Electricity Board will receive $150 million, while Lanka Electric Company will get $50 million for the upgrades.

ADB approves $200m Sri Lanka loan for battery storage, grid upgrade | Economy Next