Connect with us

Business

DFCC Bank celebrates 25 years of pioneering renewables in Sri Lanka

Published

on

Sohantha Wijesingha Senior Vice President / Head of Corporate Banking DFCC Bank PLC

The Bank for Everyone, DFCC Bank, one of Sri Lanka’s leading banks, celebrates 25 years of pioneering renewable energy in Sri Lanka. Having the vision and understanding the emerging needs of the nation whilst also being cognizant of the shifts in the global energy sector, the Bank has been promoting renewable energy in Sri Lanka for the past 25 years.

DFCC Bank is the pioneering bank in Sri Lanka for renewables, having financed the country’s first ever private-sector wind, solar and waste to energy development projects, commencing in 1996. The Bank is also the pioneer in the introduction of Standardized Power Purchasing Agreements in Sri Lanka in 1997, the cornerstone of facilitating private investment in the renewable energy sector.

Discussing the achievements of DFCC Bank in the renewable energy sector, Senior Vice President and Head of Corporate Banking, Sohantha Wijesingha said, “While we count our involvement in the sector as beginning in 1996 when we backed the Hydro-tech Lanka Dick Oya project, our first involvement with the renewable energy sector goes way back to 1988, when we funded a solar PV module assembly plant. Driven by our sustainability strategy, which positions us as the ‘bank for green finance’, we have taken it upon ourselves to do our part to protect the planet and its people. We do this by by backing the renewable energy sector, relying on the synergies we have created through our relationships with global financiers such as the World Bank, the Global Environment Facility, the European Investment Bank, the Asian Development Bank and others. Thus, our journey has been incredible and we are excited about working together with all stakeholders to create a greener, brighter and energy independent Sri Lanka.”

DFCC Bank’s other notable achievements in the renewable energy sector over the past 25 years include the financing of the Senok Wind Power Project (2010), the Saga Solar Project (2017), the Western Power Company’s municipal waste to energy project (2021), Suryadhanavi Limited –the first distributed grid-connected solar power project (2017), and Sri Lanka’s first ever biomass-based Combined Heat and Power project (2017).

Always looking to support Sri Lanka’s economy and create new economic opportunities, DFCC Bank has also backed the strengthening of Sri Lanka’s renewable energy value chain, by financing the successful Sri Lankan-German collaboration, VS Turbo (Private) Limited – Sri Lanka’s first hydropower turbine manufacturing plant (2007); a company that has not only manufactured electromechanical equipment for hydropower projects in Sri Lanka, but which has also exported such equipment to other international markets in Africa. DFCC Bank also co-managed the Initial Public Offering (IPO) of Valibel Power Erathna PLC, the first IPO and listing of a renewable energy producer in Sri Lanka (2006). The Bank has also been involved with numerous smaller renewable energy projects including microfinance for home solar power systems over the past 25 years.

Looking to the future, DFCC Bank has identified Renewable Energy as a key sector for Sri Lanka. To further the industry, the Bank has played host to several research and study teams from various countries including Cambodia, Ghana, India, Mozambique, Nepal, the Philippines and Uganda for knowledge and experience sharing. The Bank’s employees have been invited to make presentations at international forums and share their experience in renewable energy development and have also been handpicked for renewable energy consultancy assignments abroad including in Uganda and Nepal.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Sri Lanka’s economic confidence index plummets

Published

on

‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.

Key findings of the survey:

Government approval rating drops from 10% to 3%

The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.

The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.

1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.

2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.

3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.

Implementation of “Mood of

the Nation”

The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.

Continue Reading

Business

Decline in share market in the wake of rate hike reports

Published

on

By Hiran H.Senewiratne

CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.

“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.

Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.

Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.

In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.

The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.

Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.

Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.

Continue Reading

Business

Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’

Published

on

In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.

The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.

With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision

Continue Reading

Trending