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10% discount to be availed when Hayleys Solar power systems are financed via Seylan Solar Loans

Seylan Bank has announced a partnership with Hayleys Solar, the country’s leading Solar Engineering, Procurement, and Construction (EPC) company. This collaboration aims to revolutionise access to sustainable energy solutions by offering customers an exclusive 10% discount on Hayleys Solar power systems when financed through Seylan Bank’s Solar Loan.

With the ever-increasing costs of electricity posing a challenge to households and businesses alike, this partnership highlights a commitment to providing accessible and affordable renewable energy solutions. Through the synergies between Seylan Bank’s financial expertise and Hayleys Solar’s industry-leading expertise in renewable energy, customers can now embark on their journey towards energy independence with greater ease and affordability.

This solar loan facility is tailored for permanent employees with a starting net salary of Rs. 200,000 and above. These interest rates are substantially lower than conventional personal loans. The Solar Loan features:

• a flexible repayment period from 1 to 7 years
• a starting interest rate of 11.5% for tenures of 1 to 3 years
• and 12% for tenures starting from 4 to 5 years.

The solar power system itself serves as security against the loan, eliminating the need for additional collateral. Additionally, customers can expect quick loan approval within 2 days, ensuring a seamless process from application to installation. Moreover, customers utilising the Solar Loan Facility are eligible for income tax relief, further enhancing the financial benefits of transitioning to solar power.

Commenting on the collaboration, Eugene Seneviratne, Deputy General Manager- Retail Banking at Seylan Bank said. “Through our collaboration with Hayleys Solar, we have made sustainable home energy generation more accessible. While the benefits of solar power are clear for both the environment and savings on electricity bills, the high setup costs have been a barrier for many homeowners. This Solar Loan facility will empower eco-conscious homeowners to embrace solar power and embark on a journey of financial independence.

Roshane Perera, the Executive Director and CEO of Hayleys Solar, expressed, “We are optimistic about this partnership with Seylan Bank to promote renewable energy adoption in Sri Lanka. At Hayleys Solar, we are committed to providing innovative and sustainable energy solutions to meet the diverse needs of our customers. This partnership not only enhances accessibility to our high-quality solar power systems but also reinforces our shared vision of a greener and more sustainable future for Sri Lanka.”

Hayleys Solar has been a driving force in the nation’s renewable energy journey, having supplied over 200 MWp of rooftop solar power. Specialising in renewable energy solutions and energy storage systems, Hayleys Solar caters to diverse residential, commercial, and industrial needs. Their comprehensive services encompass end-to-end solar power services, including installation, after-sales services, and maintenance. For more information on the Solar Loan Facility please visit www.seylan.lk or dial 011 200 88 88.

In an alignment geared towards promoting sustainable energy adoption, People’s Bank and Hayleys Solar, the renewable energy arm of Hayleys Fentons Limited, recently signed a Memorandum of Understanding (MoU). This collaborative effort aims to catalyse the widespread adoption of solar power by facilitating access to better financing options.

People’s Bank will provide loans to customers seeking to invest in rooftop solar power for their homes or businesses. These loans will empower individuals and enterprises to embrace solar power, thereby reducing their carbon footprint and contributing to a cleaner environment.

This new loan programme offers customers the opportunity to replace their hefty electricity bills with more affordable monthly loan instalments. This cost-saving option is available for all system capacities, with savings increasing proportionally to the system’s capacity. By opting for this program, customers can redirect their utility savings towards other essential expenses. Essentially, it’s a one-time investment that replaces a costly recurring expense with a more manageable one, leading to long-term savings.

The occasion was graced by Clive Fonseka, Chief Executive Officer/General Manager of People’s Bank; Hasith Prematillake, Managing Director of Hayleys Fentons Limited; Roshane Perera, Executive Director/CEO of Hayleys Solar; Pamudith Gunawardana, Finance Director of Hayleys Fentons Limited; Wickrama Narayana, Deputy General Manager (Enterprise Banking) of People’s Bank; T.M.W Chandrakumara, Deputy General Manager (Retail Banking) of People’s Bank; Kapila Jayaratne, Assistant General Manager Channel Sales (Banking Solutions) of Hayleys Solar; Srilak Sandaruwan, Assistant Channel Sales Manager; Chaminda Ihalakorala, Assistant General Manager (SME, Development and Micro Finance); Chamari Perera, Senior Manager (SME); and Chamedi Gunathilake, Deputy Manager of People’s Bank.

The collaboration between People’s Bank and Hayleys Solar marks a pivotal step towards achieving Sri Lanka’s renewable energy goals while fostering economic development. As the nation continues to prioritise environmental conservation and energy security, initiatives like this play a crucial role in driving the transition towards energy independence and a more sustainable future.

Hayleys Solar, the renewable energy arm of Hayleys Fentons, has successfully completed an impressive 2.3MW capacity solar power installation for Texlan Centre Pvt Ltd, a leading hosiery manufacturer and exporter in the country.

The grid-tied rooftop solar power system constructed on the rooftop of Texlan’s manufacturing facility in Minuwangoda has a capacity of 2,343kWp. This corresponds to a planned 63,539,152kWh of clean energy generated over a 20-year span. This will cover an estimated 32% of Texlan’s energy needs, minimising the company’s reliance on conventional grid power while lowering operational costs. This will help to reduce 46,370 tons of greenhouse gas emissions over the project period.

“Sustainability is a core value at Texlan,” said Muhammed Latif, Managing Director for Texlan Centre Pvt. Ltd. “This solar installation represents a significant step forward in our efforts to reduce the environmental impact of our business and ensure long-term responsible manufacturing practices. We’re excited to bring forth this commitment to clean energy in Sri Lanka with Hayleys Solar as our partner.”

“Our partnership with Texlan encourages them to do their part for the environment and sets a new benchmark for large-scale solar projects in the country,” said Hasith Prematillake, Managing Director of Hayleys Fentons Limited.

Commenting on this initiative, Roshane Perera, Executive Director and CEO of Hayleys Solar states, “Our strength in design engineering, logistics and installation was the key to completing this project, which showcases Hayleys Solar’s expertise in delivering large-scale, impactful clean energy solutions in a timely manner. ”

Texlan’s decision to adopt solar power, facilitated by Hayleys Solar’s expertise, reflects a growing trend within Sri Lanka’s manufacturing sector, of adopting clean energy and taking accountability for the environment.