Solar power loan
Loans for individuals and businesses in Sri Lanka to finance solar generation, covering up to 75% of project cost.
Questa opportunità è attualmente disponibile in inglese.
Finance rooftop solar or a solar park through People’s Bank. The bank can lend up to 75% of proposed project cost, capped at LKR 500 million, for a maximum of seven years. You repay the loan with interest.
For loans up to LKR 25 million, the published annual rate is 12.5%, fixed for the first five years. Years six and seven use the weekly Average Weighted Prime Lending Rate (AWPLR) plus 1.5 percentage points, reviewed monthly. For the published LKR 25 million–500 million band, 12.5% is fixed for the first three years; years four to seven use weekly AWPLR plus 1.5 percentage points. The benchmark-linked interest rate can change.
Overdue instalments attract 2% penal interest where applicable. Standard loan-processing and early-settlement fees apply. Valuation and legal charges, government stamp duty and insurance premiums also apply where relevant.
Eligibility
- Businesses and individuals must be registered and operating in Sri Lanka. The project must be economically and financially viable, and lending depends on your capacity to repay.
- For a solar park, you need a Standard Power Purchase Agreement signed with the Ceylon Electricity Board (CEB), covering the electricity it will buy. For rooftop solar, you need a letter of intent from CEB or Lanka Electricity Company (LECO).
- Your solar-panel service provider must be registered with the Sri Lanka Sustainable Energy Authority (SLSEA).
- The bank assesses current business performance and finances and generally expects acceptable collateral or security. This can include personal guarantees or mortgages over movable or immovable property. It checks your existing obligations in its own records and with the Credit Information Bureau (CRIB), irrespective of loan size.
How to apply
- Stato
- Aperto continuamente
- Restrizioni del bando
- Call or visit a People’s Bank branch or service centre to apply.
Call or visit your nearest People’s Bank branch or service centre to apply. The solar-loan contact is Dasuni Pasansi, on 0113 740914 or sme@peoplesbank.lk. The branch provides prevailing terms and conditions as part of the application process.