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Fuelling transition to renewable energy through sustainable financing facilities

SDB bank is one of the key players in Sri Lanka’s SME banking space, and one that is proactively seeking opportunities to promote sustainable solutions to overcome the nation’s present crisis through renewable energy and energy efficiency. In this endeavor, SDB bank has recently disbursed a multimillion-rupee financing facility to Hayleys Fentons, one of Sri Lanka’s leading engineering solutions providers.

The facility provided by SDB bank has helped Hayleys Fentons to install a total of 3MW of rooftop solar photovoltaic power generation arrays and systems on two industrial buildings in Colombo (1,854kWp system) and Kandy (1,200kWp system). Together, these two systems will generate approximately 4,235,898 kWh of renewable energy each year. This investment, financed by SDB bank, will lead to an annual emission reduction of approximately 3,136 tonnes of carbon dioxide equivalent. This is equivalent to taking 700 fossil fuel-powered vehicles off the roads each year.

The loan disbursement was made at a special ceremony with the participation of senior officials from both organizations, including Acting CEO of SDB bank, Niranjan Thangarajah, Head of Business Banking – Hemal Lokugeegana, Managing Director of Hayleys Fentons, Hasith Prematillake and Director/CEO of Hayleys Solar, Roshane Perera.

Hayleys Solar, the renewable energy arm of Fentons Ltd, part of the Hayleys Group, predominantly focuses on Solar PV installations for domestic, commercial, and industrial purposes as well as utility-scale projects to enable greater utilisation of clean energy locally.  Hayleys Solar has successfully completed over 85MW of solar installations island wide making it Sri Lanka’s undisputed leader in Engineering, Procurement, and Construction (EPC).

SDB bank partnered with Hayleys Fentons in August 2021 to promote the financing of solar power generation, energy efficiency and green building solutions, which are among the portfolio of services offered by the Company. SDB bank is now anticipating a significant increase in the number of businesses looking to transition to renewables. These customers can benefit from SDB bank’s Solar Loans proposition.

As the only publicly listed, specialized development bank in Sri Lanka and as a founding member of the Sri Lanka Banks Association’s Sustainable Banking Initiative, SDB bank is looking to play a pivotal role in advancing the Sustainable Finance Roadmap that has been declared by the Central Bank of Sri Lanka, including attracting blended finance solutions to fuel Sri Lanka’s sustainable recovery. The Bank also maintains strong internal standards with regard to ESG, including a Board Subcommittee on Sustainability that has been reviewing the Bank’s performance over the past year, as SDB bank reaches out to proactively engage with stakeholders and provide Sri Lankan SMEs and corporations with access to international climate finance.

Attesting to SDB bank’s commitment to sustainable energy, the bank has initiated a programme to install solar PV power generation systems at 4 of its branches during FY2022, as part of the Bank’s integrated 3-year corporate strategy, which targets achievements for financing renewables and supporting energy efficiency for customers as well as the Bank, with SDB bank looking to source as much of its own energy as possible from renewable sources.  SDB bank is pleased to be contributing towards achieving Sri Lanka’s ambition of sourcing 70% of its electricity from renewable sources by 2030. The Bank is also working to partner with corporations and governmental and non-governmental organizations to achieve this goal of national importance.

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Hayleys Solar, the renewable energy arm of Hayleys Fentons recently partnered with Crystal Martin Ceylon (Private) Limited, a leading apparel manufacturer, to embark on a major solar installation project that supports their renewable energy efforts.

The project, which is part of Crystal International Group Limited’s 5-year sustainability targets, aims to reduce carbon footprint, achieve zero emissions and contribute to the national cause of energy saving as the country grapples with fuel and energy crises.

Hayleys Solar will install over 3,700 rooftop solar panels for Crystal Martin Ceylon (Private) Limited across three factories in Malwattha, Dambulla and Kantale. Spanning a total of 11,809.20 square meters, the solar installation will contribute to a total power generation capacity of 2,062.83 Kilowatts, equivalent to 85% of the annual electricity requirement at the three factories.

With annual total power generation expected from the solar installation estimated at 2,861,138.28 Kilowatt hours, Crystal Martin Ceylon will be able to reduce their CO₂ footprint annually by 2,118,386.78 Kg, according to the latest grid emission factors published by the Sri Lanka Sustainable Energy Authority.

This project is due to be completed and commissioned with the help of the Ceylon Electricity Board by December 2022 with its next phase covering three more plants to be completed by 2023.

Mr. Mark Muller, Country Manager of Crystal Martin Ceylon (Private) Limited said “We are happy to partner with Hayleys Solar in this key project that helps to streamline our operations at six manufacturing facilities. We expect to fully convert our facilities to solar as an alternative to the energy crisis. As a socially responsible company that prioritizes sustainability, we eagerly look forward to this project and contribute to reducing the carbon footprint.”

This solar installation project also aligns with Crystal Martin Ceylon Group’s efforts to comply with the SBTI corporate net zero standard which is a globally accepted standard that provides guidance and tools for corporates to set up net zero carbon initiatives.  On its way to achieve net zero carbon, this project will help Crystal Martin Ceylon to offset CO₂ emissions making it equivalent to 60,525.34 trees, creating a huge foreign currency saving for the country by not burning fossil fuels for the generation of electricity.

Mr Hasith Prematillake, Managing Director of Fentons Ltd. said, “We are committed to catering to the country’s solar needs and contributing to the national cause of saving energy during these challenging times. We look forward to continuing to contribute in meaningful ways to support industries to transition to renewable energy in the near future.”

Commenting on the ongoing project, Mr. Roshane Perera, Director & Chief Executive Officer of Hayleys Solar said, “We are proud that Crystal Martin Ceylon (Private) Limited chose us as their go-to partner for such a big renewable energy project. Hayleys Solar is well equipped to fulfill the country’s solar needs with our potential to undertake large-scale solar projects. Together, our team of over 200 qualified engineers and the high quality of products and equipment we offer define us as the undisputed market leader of renewable energy solutions in Sri Lanka.”

Hayleys Solar, the specialised renewable energy solutions arm of Fentons Ltd., recently introduced a state-of-the-art ‘PV–DG’ solution to the local business sector to help effectively utilize solar energy and minimize fuel costs. The fuel-saving system is specifically meant for businesses that have invested in solar rooftops but continue to face the challenges of increased diesel requirements for generators, amidst today’s drastic shortage and the price hikes.

It is designed to synchronize the solar PV systems with Diesel Generators with the help of a priority controller which can save up to 70% fuel costs depending on the loading of the generator. As the cost incurred for fuel continues to rise, it is estimated that this ‘PV-DG’ system will save businesses over LKR 152.00 per kWh as per the latest fuel prices and will help to significantly reduce and optimize fuel usage at a national level.

A key drawback of on-grid solar solutions is that the solar power system automatically switches off during a power cut, wasting the solar energy that could be generated during that period. Ensuring maximum utilisation of the power generated by the solar system during the power cuts without the use of a battery, the ‘PV-DG’ solution is perfectly designed to assist businesses to combat these energy and fuel-related challenges. The ‘PV-DG’ solution can be conveniently extended across most commercially available inverter brands.

Mr. Hasith Prematillake, Managing Director of Fentons Ltd., shared his thoughts on this latest solution. “As the power and fuel crisis in the country continues to prevail, it is imperative that we bring alternate, renewable energy solutions to businesses, helping to keep industries afloat and reduce dependency on diesel. As a responsible organisation with a focus on offering efficient energy solutions to our valued clientele, we introduced this ‘PV–DG’ solution to help businesses navigate this deepening energy and fuel crisis, sustaining their operations and productivity without hindrance.”

Backed by a thorough data monitoring via the cloud which enables remote monitoring to control the system, this ‘PV-DG’ solution controls the inverter output of the solar PV system. Engineered according to the latest German technology, the controllers are manufactured by a company which has successfully completed numerous high-end projects worldwide. The controller also features protection against reverse power which is crucial for the synchronization of a system of this nature.

Mr. Roshane Perera, Chief Executive Officer of Hayleys Solar also commented on this latest introduction. “In the current crisis situation, this ‘PV-DG’ solution will help the local businesses with solar rooftops to sustain their operations effectively, as the constant power outages greatly impact the cost of electricity generation as well as the production of the solar-powered system. As the market leader of renewable energy solutions in Sri Lanka, we are committed to providing customized solutions that assist our valued customers during these difficult times and in the future.”

With over a decade of market excellence, Hayleys Solar has successfully completed over 75MW of solar installations island wide making it the undisputed leader in Engineering, Procurement, and Construction (EPC) companies in Sri Lanka. Hayleys Fentons is driven by a dynamic, energetic, and young team of over 200 BSc. qualified engineers, assuring due diligence and the highest quality standards.