News & market updates

Commercial Bank of Ceylon's proposed Rs.15 billion Basel III-compliant subordinated green bonds were assigned a final Fitch National Long-Term Rating of 'A(lka)'. The bonds (5, 7 and 10-year maturities) will be listed on the CSE, qualify as Tier 2 capital, and proceeds will bolster the bank's Tier 2 base and green lending; notes include a non‑viability conversion clause.

Britain and India will sign a free trade agreement during Prime Minister Modi's UK visit to cut tariffs and boost bilateral trade by 25.5 billion pounds by 2040. Key terms include steep cuts to Scotch whisky and car tariffs, expanded services access and clean‑energy procurement.

JAT Holdings' subsidiary VOLT Charge and John Keells Group have opened the first commercial EV fast charging station in Northern Province at the Keells Jaffna store, featuring a 30kW dual-gun DC fast charger. The installation is the 20th in the VOLT–Keells partnership across the country.

Fitch assigned a final National Long-Term Rating of 'A(lka)' to Commercial Bank of Ceylon's proposed LKR15 billion Basel III-compliant subordinated green bonds. The 5-, 7- and 10-year bonds will be listed, qualify as Tier-2 capital, include a non-viability conversion clause and aim to strengthen Tier-2 capital and green lending.

Commercial Bank of Ceylon's proposed Rs.15 billion Basel III-compliant subordinated green bonds were assigned a final National Long-Term Rating of 'A(lka)' by Fitch. The bonds (5-, 7- and 10-year) will be listed on the CSE, qualify as Basel III Tier 2 capital and aim to strengthen Tier 2 capital and expand the bank's green lending.

Trinasolar signed an MOU with Solaris Energy to supply and deploy 25 MWp of utility-scale solar modules across Sri Lanka. The deal, signed at SNEC 2025, nominates Trinasolar as a subcontractor for projects in Sri Lanka, subject to definitive agreements.

Evolution Auto (Pvt) Ltd is building a multi-brand EV after-sales workshop on the Colombo–Kandy Road and its after-sales staff completed three international EV technical trainings in 2025 (XPeng, Geely/Riddara, CHANGAN/Avatr).

Evolution Auto has launched the Mahindra Treo fully electric cargo three-wheelers in Sri Lanka, claiming up to Rs 1.5 million in five-year savings and prices from Rs 2.2 million + VAT. The Treo offers up to 80 km range, 3.5-hour full charge and 50 km/h top speed, targeting logistics, e-commerce and FMCG operators.

Parliament has postponed debate on the Sri Lanka Electricity (Amendment) Bill scheduled for July 24 due to technical matters; the bill will be debated on a future parliamentary day. A sectoral committee raised questions about a proposed two-year delay for un-bundling and an unspecified reduction in distribution companies.

Commercial Bank of Ceylon (COMB) had its proposed LKR15 billion Basel III-compliant subordinated green bonds rated final 'A(lka)' by Fitch. The five-, seven- and 10-year bonds will be listed on the CSE, qualify as Tier 2 capital and will fund Tier 2 strengthening and expanded green lending.

Ceylon Chamber has opened registrations for the Sri Lanka Economic & Investment Summit 2025, to be held 2–3 Dec at the Shangri-La Colombo. The two-day forum will focus on investment, fiscal and regulatory reform, and sector opportunities including tourism, agribusiness, manufacturing, renewables, logistics, finance and technology.

David Pieris Group awarded over Rs. 20 million in seed funding to Northern entrepreneurs at the Thalir Seed Funding Award Ceremony in Jaffna. Four individuals received Rs. 500,000 each and three ventures secured convertible funding totalling about Rs. 20 million; the program pairs capital with mentorship.

Two new electric sedans, the IM5 and IM6, are introduced; the IM5 features a 75 kWh battery with over 500 km range and fast charging. The models emphasise luxury, advanced in-car IT (AI driving aids, large digital screens) and enhanced comfort and safety, with the IM6 slated as an upgraded follow-up.

UNDP urged Sri Lanka to treat nature as economic capital and adopt an integrated green tourism strategy, saying the country needs financing equal to 12.5% of GDP annually until 2030 to meet the SDGs. UNDP said it is supporting the government to map investment needs and called for sustainable mobility (public transport, EVs, charging infrastructure) and private-sector collaboration.

Citizens Development Business Finance PLC (CDB.N0000) concluded Phase I of its Climate Transition Plan with IFC technical assistance and EU ACSIIS support, establishing a carbon baseline and net-zero framework. CDB will move to Phases 2–3 to scale sustainable finance products and design a carbon credit aggregation model.

Trinasolar signed an MoU with Solaris Energy to supply and deploy 25 MWp of utility-scale solar modules across Sri Lanka. Solaris will nominate Trinasolar as a subcontractor for utility-scale projects, subject to definitive agreements.

The Sectoral Oversight Committee reviewed the Sri Lanka Electricity (Amendment) Bill and agreed on several PUCSL proposals; the draft will be printed in three languages and submitted for committee approval on 17 July 2025.

WindForce PLC (WIND.N0000) signed a $297,389 EPC contract to install a 383 kWp rooftop solar PV system at Joy Island resort in the Maldives, to be completed within four months. The project aims to reduce the resort’s fossil fuel reliance and expands WindForce’s renewable energy portfolio.

Demodera Estate in Uva spans 1,109.25 hectares with nearly half under tea and produces over 1.2 million kg of made tea annually; since 2021 it has been managed by Browns Plantations PLC. The estate uses hydro (750 units/day), renewables and sustainable practices, won 2024 factory awards and supports local employment and tourism.

Sri Lanka hosted the ISA Asia‑Pacific committee meeting in Colombo, where the Prime Minister and Energy Minister signed a Country Partnership Framework with the International Solar Alliance to accelerate solar deployment and support SIDS. Announcements included a STAR Centre plan, CPF exchanges with Pacific countries, an MoU with ICIMOD, and the ISA SIDS Platform pledge.

Vista Solar Energy won the Best Solar Energy Solution Provider of the Year award at the Asia Miracle Awards 2025 in Colombo; the company, a subsidiary of Agrovista, provides customised solar and other renewable energy solutions for homes and commercial properties.

Prime Minister Dr. Harini Amarasuriya said Sri Lanka signed an ISA roadmap and reaffirmed the 'Battle for Solar Energy' drive, targeting 70% renewable energy by 2030. The plan emphasizes expanding rooftop solar, names University of Moratuwa as a research hub, and showcased regional solar innovations.

Sri Lanka will amend the PUCSL Act to make the electricity regulator accountable for Ceylon Electricity Board finances, require quarterly cost-recovery pricing reports to Parliament and revise the tariff methodology by November 2025 as an IMF benchmark.

International Solar Alliance unveiled a plan to accelerate solar deployment across Asia and Small Island Developing States, signing Country Partnership Frameworks with Sri Lanka, Fiji and Kiribati and launching a SIDS platform to aggregate demand and enable digital tendering. ISA said it will focus on policy reform, innovative financing, technology access and long-term partnerships, and highlighted India’s reverse-auction model that cut solar prices by about 70%.

BOI and AHK Sri Lanka held a 14 July debrief after President Anura Kumara Disanayake’s June 2025 Germany visit; 15 German companies signalled interest across healthcare, finance, logistics, tourism, renewables, manufacturing and services. Investors urged policy consistency, macro stability, transparent procurement and easier business processes, and a steering committee was proposed.

Parliament's sectoral oversight committee on infrastructure and strategic development proposed changes to the Electricity Act amendment; the revised draft incorporating PUCSL proposals will be printed in three languages and presented to the committee on July 17. Officials from the Ministry of Energy, Attorney General’s Department and Ceylon Electricity Board attended.

Power and Energy Minister Kumara Jayakody said an Indian investor withdrew from the Mannar wind power project by mutual agreement over tariff negotiations, that partial refunds of deposits are being made, and the investor remains active in new tenders.