The Cabinet of Ministers has officially approved a comprehensive financing package to launch the “Grid-Based Rooftop Solar Power and Virtual Net Meter Reading” project, a priority initiative designed to transform how solar energy is distributed and utilized across the country.

The project aims to provide effective solutions for independent power producers while significantly improving small- and medium-scale renewable energy ventures. By optimizing the distribution of solar energy, the government intends to create a more resilient and sustainable energy grid.

This final approval follows a series of negotiations with international partners that began after an initial cabinet meeting on November 3, 2025. Following the conclusion of talks with the Asian Development Bank (ADB), the European Union (EU), and the Japanese Fund for the Joint Credit Mechanism, the Cabinet has now authorized the formal signing of debt and grant agreements.

The approved financing includes:

• A US $35 million loan from the concessional general capital resources of the ADB.
• A EUR 15.4 million grant provided by the European Union.
• A US $5.5 million grant from the Japanese Fund for the Joint Credit Mechanism.

The resolution to enter into these agreements was furnished by the President, acting in his capacity as the Minister of Finance, Planning, and Economic Development. This financial injection is expected to provide the necessary capital to modernize the grid and support the growth of the domestic renewable energy sector.