Financing clean energy

The Sri Lanka–Canada Business Council of the Ceylon Chamber of Commerce organized an interactive session recently with the participation of IFC, a member of the World Bank Group and the IFC-Canada Climate Change Program and the Government of Canada to help Sri Lankan private sector companies grow and develop their businesses by using clean and green renewable energy solutions.

The discussion involved representatives from IFC and IFC-Canada Climate Change Program and the High Commission of Canada.

Counselor (Political/Economic) of the High Commission of Canada, Jennifer Hart and Senior Investment Officer, IFC Priyanka Coorey were also present. President of the Sri Lanka-Canada Business Council, Chandev Abhayaratne emphasized the importance financing opportunities for clean energy projects in Sri Lanka.

Jennifer Hart spoke on Climate Change and Canada’s initiatives in this area. She said that Manitoba Hydro Research Centre is providing their expertise to the Government to address the issues surrounding the recent electricity blackouts and Canada’s support to Sri Lanka to introduce sustainable sources to its energy mix to meet future energy needs.

Priyanka Coorey said that IFC leverages the private sector to advance innovative and viable climate solutions for emerging markets by offering: Project finance for climate-smart projects, including debt and equity, with long-term horizon, Advisory services and technical assistance for companies to build capacity and help develop markets. Green bonds to bolster financing for climate-related investments and blended finance for some high-impact, first-mover climate projects, with support from donors.

Managing Director, Energynet (Pvt) Ltd, the Gold sponsor of the event, Ramesh Karunaratne said the factors that make Solar Photo Voltaic systems attractive including tax benefits, low cost funding. He said that the Energynet is an engineering organization with over 30 years of experience in critical power systems.