Sri Lanka Sustainable Energy Authority Act 2007 · As enacted · Part VIII · Finance
46. Sri Lanka Sustainable Energy Fund
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
There shall be established a Fund called the “Sri
Lanka Sustainable Energy Fund” (in this Act referred to as
“Energy Fund”).
There shall be credited to the Energy Fund:—
an initial grant of five hundred million rupees to be paid out of the Consolidated Fund;
the proceeds of the cess imposed under section 45;
fees chargeable from developers for managing the carbon asset of Sri Lanka;
amounts paid as royalty or charges by developers and permit holders under section 19 and section 26
of this Act;
fees charged by the Board for rendering any professional services;
money received as lease rentals from the lease of land or interest in land for carrying on of any on-grid and off-grid renewable energy project;
fees charged for entertaining applications submitted to the Director-General for engaging in on-grid and off-grid renewable energy projects; and
fees and shared savings earned from undertaking projects connected with the development of renewable energy resources and the improvement of energy efficiency, energy conservation and demand management, for and on behalf of State and private sector organizations.
There shall be paid out of the Energy Fund, such sums of money required for the payment of :—
subsidies to selected renewable energy based energy conversion plants;
subsidies for promoting the use of energy efficient appliances and technologies;
capital subsidy for fuel switching, including industrial thermal applications;
expenses incurred in conducting awareness programmes through mass media on improving energy security of Sri Lanka; and
incentives or other similar financial assistance to any society or community based organization to encourage the adoption of energy conservation measures and for the development of rural energy services in all areas of the country.
The Board may invest monies lying to the credit of the Energy Fund in such manner as may be determined by the Minister with the concurrence of the Minister in charge of the subject of Finance, and all income accruing from any such investments shall be credited to such Fund.
The Board shall be responsible for the regulation and maintenance of the Energy Fund and the maintenance of proper books of accounts pertaining to the same.
The provisions of sections 50 and 51 of this Act shall apply in regard to the audit of accounts of the Energy Fund.