Srilanka, Aug. 25 -- Sri Lanka's Cabinet has approved a two-year project to install 300,000 smart electricity meters equipped with a Time-of-Use (TOU) billing system as part of efforts to modernise the country's electricity grid and support renewable energy development.
The project will utilise US$12.5 million from a US$15 million loan facility provided through the Asian Development Bank's concessional financing facility for complementary renewable energy initiatives.
Of the original loan, US$2.5 million was previously approved for preparing the detailed design and procurement documents for the proposed Maha Oya Pumped Storage Hydropower Project. The remaining US$12.5 million will be used for the smart meter programme.
The smart meters a...