Blue chips eye more hydro, wind power plants
Many blue chip companies in Sri Lanka are planning to expand in the
country’s power sector to reap benefits.
The power segment of the Aitken Spence PLC plans to commence two
renewable energy projects in the near future.
These new power projects will be a 2.5 megawatt hydropower plant in
Matale and a 3 megawatt wind power plant in Ambewela.
The company’s power segment performed well in 2010 and 11, although
heavy periods of rain led to the curtailment of generation at all three
plants in Horana, Matara and Embilipitiya.
The two power purchase agreements for the plants in Matara and Horana
are due to terminate in March and December 2012, and it is hoped that
the terms of these contracts can be extended by offering the government
an attractive tariff from these two plants, Deputy Chairman and Managing
Director J.M.S Brito said in their annual report.
Hemas CEO Husein Esufally in the company’s annual report said their
latest mini Hydro project, Magal Ganga which is currently under
construction expects to commence operations this September. It will add
a capacity of 2.4 megawatt. “We will pursue more renewable energy
opportunities in line with the government’s target of generating 15
percent of the national energy supply through non-conventional renewable
energy source by 2015,” he said.
“We will also look to diversify our investments outside Sri Lanka by
focusing our competencies on profitable offshore opportunities,” he
Hayleys Chairman A.M. Pandithage said their investment in Nirmalapura
Wind Power, a subsidiary company which is pursuing electricity
generation from wind power, is a promising prospect. (AS)