According to the Department of Government Information, the initiative is funded through a USD 15 million concessional loan facility provided by the Asian Development Bank (ADB) to support complementary projects aimed at strengthening the country’s renewable energy efforts. Approval to secure the initial ADB loan was previously granted at the Cabinet meeting held on October 21, 2024.

Subsequently, during the Cabinet meeting on September 03, 2025, approval was granted to allocate USD 2.5 million from the total fund toward preparing detailed plans and procurement documentation for the Maha Oya Pumped Storage Hydropower Project.

The remaining allocation of USD 12.5 million will be utilized for the smart meter project. Under the approved proposal, Electricity Distribution Lanka (Pvt) Ltd will implement the project over a two-year period, following the submission presented by the Minister of Power and Energy.