Sri Lanka, June 27 -- The Asian Development Bank (ADB) has approved a $57.4 million financing package to help Sri Lanka expand access to affordable clean energy and reduce greenhouse gas emissions through rooftop solar aggregation and virtual net metering.

The financing consists of a $35 million concessional loan, grants of $16.9 million from the European Union and $5.5 million from the Japan Fund for the Joint Crediting Mechanism, and counterpart funding from implementing agencies, bringing total estimated project cost to $80.5 million.

The Rooftop Solar Aggregation and Virtual Net Metering Project will help two government-owned power utilities, Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Li...