Finance Facilities

SolarTherm – Alpha Solar Energy Systems (Pvt) Ltd is a registered company at the Sustainable Energy Authority and all clients of Alpha Solar Energy Systems (Pvt) Ltd are eligible for the solar loan facility provided by banks. The “Rooftop Solar PV Power Generation Project” provides electricity consumers with long-term debt financing for installation of rooftop solar photovoltaic power generation systems in Sri Lanka. The credit line of US $ 50 million established by the Government of Sri Lanka (GoSL) through a loan from the Asian Development Bank (ADB) provides the required financing on preferential terms. The credit line is managed by the Ministry of Finance (MoF) and funds are channeled to the beneficiaries through selected Banks (Participating Financial Institutions -PFI). The technical support is provided by the Project Implementation Unit (PIU) in close collaboration with MoF, Ministry of Power, Energy and Business Development (MoPE) and Sri Lanka Sustainable Energy Authority (SLSEA). Power generated through the Rooftop Solar PV Installations can be integrated with the National grid through the Utility Providers in Sri Lanka, namely Ceylon Electricity Board and Lanka Electricity Company Private Limited.

Eligibility

The following sub-projects are eligible under the Project.

• Residential rooftop: solar PV system installed on an existing permanent residential building rooftop
• Commercial-scale rooftop: solar PV systems installed on an existing permanent commercial-scale building rooftop

Capacity limitations under the Project are as follows.

• Maximum solar power generation capacity installed on rooftop shall not exceed 50 kW
• A single customers may apply for multiple subprojects subject to a maximum cumulative capacity of 50 kW. This means customers can obtain funding for more than one subproject as long as the total installed capacity of all the subprojects combined does not exceed 50 kW.

ADB funding for subprojects is available as detailed below.

• Up to 100% of the subproject cost for residential rooftop installations where the cost does not exceed LKR 1.5 million
• Up to 80% of the subproject cost for, residential installations where the cost exceeds LKR 1.5 million and all commercial rooftop subprojects

Tenor of the sub-loan shall be subject to the following

• Repayment period shall not exceed 10 years
• Customer (beneficiary) should be the owner of the permanent residential/commercial-scale building proposed to be used to install the solar PV system

Documents required for ADB Loan – Ceylon Electricity Board

Signed Request letter from the client
NIC of the account holder
Signed net meter application
Copy of the Quotation
Filled forms of Annex 5
Certificates of the relevant Solar panel & inverter
SEA certificate

Documents required for ADB Loan – Lanka Electricity Company Limited

Signed Request letter from the client
NIC of the account holder
Signed net meter application
Copy of the Quotation
Filled forms of Annex 5
Certificates of the relevant Solar panel & inverter
SEA certificate

• Eligible only for LECO Consumers
• Interest Rate : 8% (annual)
• Loan Repayment Period: The maximum loan period is 7 years. However, the customer has the option to select 5 years or less.
• No guarantors required and pre-settlement charges are not applicable for this loan scheme.
• NSB will charge a loan processing fee of LKR 1,500/- from the customer.

Loan Type A: Maximum loan amount will be 90% of the supplier’s cost for Solar PV installation (excluding initial review fee, connection charges etc.) subjected to maximum of LKR 500,000.00

Loan Type B: Maximum loan amount will be 75% of the supplier’s cost for Solar PV installation (excluding initial review fee, connection charges etc.) subjected to maximum of LKR 1,000,000.00

The Loan installment schedule under this concessionary loan scheme is as follows

• Signed copy of the quotation of the Solar Grid Tied System
• Completed LECO loan application form
• Line diagram of the solar system
• SEA company registration copy
• Deed Copy
• Electricity bill copy
• N.I.C copy of the bill account holder

Download LECO Loan Application

Salaried Applicants

Quotation on solar, copy of most recent electricity bill, N.I.C copy of the bill account holder, Salary /Installment assignment authorised by employer, income justification documents as required (Last 3-month bank statement, last 3 month salary slips, proof of employment)

Sole Proprietorship/ Self Employed

Quotation on solar panel, copy of most recent electricity bill, N.I.C copy of the bill account holder, Business Registration Copy, Income justification documents as required (6 months bank statement, 2 years audited financial statement and 2 years management accounts), tax payments receipt

Partnership

Quotation of the solar panel, copy of most recent electricity bill, N.I.C copy of the bill account holder, business registration copy, partnership agreement copy, income justification documents as required (6-month business and Individual bank statements, 2 years audited financial statement and 2 years management accounts)

Directors

Quotation of solar panel, copy of most recent electricity bill, business registration copy, Form 20, income justification documents as required (6 month business and individual bank statements, 2 years audited financial statement and 2 years management accounts)

Professionals

Quotation on solar panel, copy of most recent electricity bill, N.I.C copy of the bill account holder, Professional ID, proof of professional qualifications, income justification documents as required (last 3 month salary slips, proof of employment)