SL- Climate finance for renewables (WB-P151800)

Countries
  • Sri Lanka
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Sectors
  • Climate and Environment
  • Energy
  • Finance
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Aug 2, 2017

Disclosed by Bank Mar 10, 2016


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Project Description
The proposed project will support GoSL’s efforts for the development of renewable energy to increase the share of NCRE in the energy mix to 20 percent by 2020. Given that Sri Lanka heavily relies on imported fossil fuels to meet the growing energy demand, diversifying energy generation away from imported fossil fuels is critical to accommodate fluctuations in international oil and coal markets to improve the country’s fiscal resilience. Renewable energy provides an opportunity for Sri Lanka to limit import dependence and vulnerability to fossil fuel price shocks, and move toward energy self-sufficiency. The proposed project will enhance Sri Lanka’s capacity to access international climate finance and improve fiscal resilience through the achievement of national NCRE targets. It will also assist GoSL in identifying and developing a long-term strategy to achieve green and climate resilient growth by facilitating low-carbon interventions across various different sectors.
Investment Description
  • World Bank (WB)
Contact Information
ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx. CONTACTS World Bank Contact: Keisuke Iyadomi Title: Climate Change Specialist Tel: 473-9361 Email: kiyadomi@worldbank.org Contact: Zhuo Cheng Title: Carbon Finance Specialist Tel: 5723+374 / 9 Email: zcheng2@worldbank.org Borrower/Client/Recipient Name: Ministry of Mahaweli Development and Environment Contact: Sunimal Jayathunga Title: Director Tel: 94-11-2865452 Email: secretary@environmentmin.gov.lk Name: Ministry of Power and Renewable Energy Contact: M. S. Batagoda Title: Secretary Tel: 94112574922 Email: surenbatagoda@gmail.com Implementing Agencies Name: Ceylon Electricity Board Contact: Chandrasiri Wickramasekara Title: General Manager Tel: 0112324471 Email: mcwick.lk@gmail.com Name: The Sri Lanka Climate Fund (Private) Limited (SLCF) Contact: Buddika Hemashantha Title: Chief Executive Officer Tel: 94112078210 Email: buddika@carbonfund.lk