The Cabinet has approved agreements to secure a $35 million concessional loan from the Asian Development Bank (ADB) for a grid-based rooftop solar power and virtual net metering project.

The project aims to improve the use and distribution of solar energy while supporting independent power producers and expanding small- and medium-scale renewable energy projects.

The financing package also includes a EUR 15.4 million grant from the European Union and a US$5.5 million grant from the Japanese Fund for the Joint Crediting Mechanism.