Colombo, Sri Lanka – The Private Infrastructure Development Group (PIDG) has invested USD 12m into Greenpower SL, a renewable energy platform with an operational portfolio of 80MWp of rooftop solar capacity deployed across public rooftops in Sri Lanka. PIDG’s investment, through its project development solution, InfraCo, enables Greenpower SL to double its rooftop solar portfolio and will support the exploration of new technologies such as energy storage. PIDG has also allocated a USD 80k Technical Assistance grant to finance a feasibility study exploring nature-based solutions that could enhance the solar installations.
Greenpower SL is a leading renewable energy independent power producer (IPP) that has pioneered an innovative business model by installing solar power on the roofs of over 1,300 public buildings, including schools and hospitals across Sri Lanka.
PIDG’s investment will contribute towards scaling the platform to up to 190MWp of rooftop solar capacity, avoiding over 100,000 tonnes of CO2e per year. It is expected to support the creation of over 180 jobs in construction and operations.
The combined equity investments from PIDG, Norfund and Volta Groupe is expected to mobilise up to USD 57m in private sector financing as Sri Lanka rebuilds its energy infrastructure, and at a time when access to capital remains constrained and investor confidence is gradually returning.
Claire Jarratt, Head of Investment Management – InfraCo at PIDG said, “For us, backing a growth-stage company like Greenpower SL, which has the potential to transform the market, demonstrates how partnerships and strategically deployed blended finance can drive meaningful impact at scale. This investment aligns with our 2030 strategy to mobilise finance and accelerate climate action in Asia.”
PIDG joins Greenpower SL’s existing shareholders – founding partner Volta Groupe, a French IPP with activities in Europe and the Indian Ocean, and Norfund, the Norwegian Development Finance Institution, with a common ambition to expand its footprint in terms of capacity installed and team members on the ground.
“Greenpower SL is excited to welcome PIDG as its new shareholder alongside Norfund and Volta Groupe. Greenpower SL aims to be the trusted long-term partner of local and central government, CEB and corporates in Sri Lanka’s journey towards 70% renewable energy by 2030. With an ambition to be the region’s leading renewable energy asset manager through innovation and international best practices, this investment not only allows us to continue growing our rooftop solar platform but also to diversify into new technologies and sectors, all of which are required to unlock Sri Lanka’s renewable energy potential,” said Greenpower SL’s CEO, Jack Sherratt.
Greenpower SL’s approach generates co-benefits including job creation, education and economic development, in part through direct revenue-sharing partnerships with the provincial councils.
Through its implementation, the project will address several UN Sustainable Development Goals (SDGs), including SDG 7.1: ensuring universal access to affordable, reliable and modern energy services; and SDG 13.a: mobilising USD 100bn to address the needs of developing countries in the context of meaningful mitigation actions.
For more information, please contact
Aditi Sridhar
Communications Manager – InfraCo
The Private Infrastructure Development Group (PIDG)
[email protected]
(+65) 9829 3087
Sheyani Moses
Office Manager / Media Contact
Greenpower SL
[email protected]
(+94) 7788 03820
