Seylan Bank’s IBU named as Islamic Finance Deal of the Year

Seylan Bank PLC’s Islamic Banking Unit (SBK IBU) has been awarded the prestigious Islamic Finance Deal of the Year, at SLIBFI Awards 2025, in recognition of its innovative financing of a landmark renewable energy project in Sri Lanka’s Eastern province. 

The transaction was initiated with the support of Seylan Corporate Banking – Project Finance, which led the proposal initiation, while SBK IBU managed the Islamic structuring and documentation.

The accolade celebrates SBK IBU’s sole financing of a Diminishing Musharaka Facility to Sooryashakthi (Pvt.) Ltd, a special purpose vehicle created to develop a 10 MW ground-mounted solar power plant in Vavunathivu, Batticaloa district. The solar project, awarded through a competitive bidding process under the Sooryabala Sangramaya Scheme, forms part of Sri Lanka’s broader renewable energy vision for 2030 and beyond.

The total project cost exceeds Rs.2.3 billion, underscoring the magnitude and strategic importance of this infrastructure development. 

Sooryashakthi is a wholly-owned subsidiary of Solar Universe (Pvt.) Ltd, a joint venture between Vidullanka PLC and Windforce PLC. Furthermore, Solar Universe is presently overseeing phase I of the solar initiative financed by Seylan’s IBU.

“This award underscores our steadfast commitment to sustainable development and innovative financial solutions. Having also financed phase I of this initiative, we are especially proud to support projects that advance national energy goals while showcasing the unique value that Islamic finance brings to the table,” said Seylan Bank’s IBU Head of Islamic Banking Sameer Mohamed.