IFC, part of the World Bank Group, plans to help boost renewables in Sri Lanka through a package valued at US$15M to support the activities of the Commercial Bank of Ceylon.

The package value is based on risk-sharing facilities, such as data on financing, project structuring and benchmarking to support the local bank’s efforts to evaluate and help fund renewables projects.

IFC added that institutional building for the local bank’s work was also included in the value of the package, with an advisory component being funded by the government of Ireland and Japan as well as the Global Environmental Facility.

Key energy sources that the Sri Lankan Government is seeking to get more private sector support for are small hydro power, wind and biomass. While there are some larger hydro schemes, such as Samanalawewa, most of the country’s electricity generation assets are based on fossil fuels.

IFC said the funding support would help diversify the energy mix in Sri Lanka, and is part of its wider strategy to help the private sector become more involved in mitigating the impact of Climate Change while meeting infrastructure needs in the region.