Sri Lanka: Sampur Solar PV Power Project Financing (AIIB-000799)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Sri Lanka
Geographic location where the impacts of the investment may be experienced.
Specific Location
Sampur, Trincomalee District
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Ministry of Finance, Government of Sri Lanka
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 144.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Media Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 21, 2025

Disclosed by Bank May 20, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Through this project, The Asian Infrastructure Investment Bank (AIIB) is supporting the development of a 120 MW ground-mounted solar PV plant in Sampur, Sri Lanka, led by Trincomalee Power Company Limited (TPCL) — a joint venture between Ceylon Electricity Board (CEB) and NTPC Limited, each holding a 50% equity stake. The project will be executed on a Build-Own-Operate (BOO) basis in two phases: 50 MW in Phase I and 70 MW in Phase II.

AIIB will provide a sovereign-backed loan of up to USD 20 million to the Government of Sri Lanka, covering expenditures such as solar PV modules, equipment, and financing costs, aligned with CEB’s equity share. In parallel, AIIB will lead non-sovereign senior debt financing for the project, alongside co-financing from the Asian Development Bank (ADB) and other potential lenders.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is estimated at USD 144 million, covering both phases, and will be financed with a 75:25 debt-to-equity ratio. The equity portion will be equally shared by CEB and NTPC.

Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Trincomalee Power Company Limited (TPCL)-  A 50:50 Joint venture between NTPC Ltd. and Ceylon Electricity Board (CEB), was incorporated in Sri Lanka for development of the Solar Power Project.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Ceylon Elctricity Board- Ceylon Electricity Board (CEB) is a power utility that generates, transmits and distributes electricity. The utility generates electricity using thermal, wind and hydro sources. It purchases power from the private IPPs to distribute across Sri Lanka. The company develops and maintains coordinated and economical system of electricity supply across Sri Lanka.

National Thermal Power Corporation Limited- NTPC Ltd (NTPC) is an energy company. It has presence in the entire value chain of the power generation business in India. The company produces electricity and sells it to state power utilities on wholesale basis. NTPC generates electricity using coal, gas, liquid fuel, hydro and other renewable sources. It also provides consultancy, e-mobility solutions, project management and supervision; holds interests in coal mining blocks; and carries out energy trading, oil and gas exploration, training of power professionals, rural electrification, ash utilization and coal mining. NTPC is headquartered in New Delhi, India.

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Ceylon Electricity Board Parent Company Energy owns Trincomalee Power Company Limited (TPCL) Client Energy
NTPC Ltd Parent Company Energy owns Trincomalee Power Company Limited (TPCL) Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

PROJECT TEAM LEADERS

Asian Infrastructure Investment Bank

Amit Kumar

Senior Investment Officer

amit.kumar@aiib.org

Apurv Gupta

Investment Officer

apurv.gupta@aiib.org

BORROWER

Democratic Socialist Republic of Sri Lanka

Hemantha Pubudusiri

Director, Department of External Resources

hemantha@erd.gov.lk

IMPLEMENTING ENTITY

Trincomalee Power Company Limited

Ravindra Dias

Project Director

ravi_dias@yahoo.com

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

How it works

How it works