Businesses looking for a viable alternative to electricity from the national grid have been provided an opportunity to invest in solar power as a result of a collaboration between the Commercial Bank of Ceylon and Hayleys Solar, the renewable energy arm of Hayleys Fentons Limited.
A memorandum of understanding (MoU) signed by the two organisations commits the Commercial Bank to offer concessionary terms under the Bank’s ‘Diribala Green Development Loan’ scheme for businesses to purchase solar power systems from Hayleys Solar with a number of exclusive benefits.
Commercial Bank and Hayleys Solar will offer loans during the promotional period with a 1% lower interest rate than the published rate for Diribala Green Development Loans, along with a 10% Cash Back on the purchase value to the loan accounts of buyers, potentially aiding in the settlement of loan installments and easing the investment burden on customers’ cash flow.
Commercial Bank’s Diribala Green Development Loans ranging up to Rs 250 million are available to individuals engaged in business activities, to proprietorships, partnerships and to limited liability companies in all business sectors. The loans are provided for rooftop solar power panel installations at business premises, for commercial-scale rooftop solar power projects, and for installation of solar panels at residences in the case of SMEs.
Hayleys Solar, the No.1 Solar Engineering, Procurement and Construction (EPC) company in Sri Lanka, has played a significant role in the nation’s renewable energy drive, supplying over 150 MWp of rooftop solar power. The company specializes in renewable energy solutions and energy storage systems for diverse domestic, SME, commercial, and industrial needs. Their services span end-to-end solar power solutions, encompassing installation, after-sales services, and maintenance.
Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a network of 271 branches and 964 automated machines in Sri Lanka, is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.