LOLC's commitment to renewable energy recognised
A recent Energy Governance Case Study published by the Lee Kuan Yew
School of Public Policy National University of Singapore has highlighted
the vast potential of renewable energy initiatives succeeding in Sri
Lanka. It states, if proper mechanisms for its development is in place
then Sri Lanka could be identified "as a trailblazer for renewable
energy development for the rest of the developing world".
The report titled, "Harvesting the Elements: The Achievements of Sri
Lanka's Energy Services Delivery Projects" is a case study and research
conducted by Ira Martina Drupady and Benjamin K. Sovacool. Energy
Services Delivery (ESD) is a project funded by the World Bank and is
primarily aimed at encouraging investments in Sri Lanka's electricity
and energy sector by promoting private sector and community based
participation for renewable energy development in the country.
In this study, LOLC was one of 56 stakeholders from 28 institutions
around the country who are listed as engaging in renewable energy
initiatives in Sri Lanka.
LOLC is the first commercial building in Colombo to have installed a
mega installation of 48KW solar system containing solar cells made up of
eight arrays of panels and eight inverters containing an individual
capacity of 6KW. This grid connected solar power plant is located at
LOLC's Head Office in Colombo and it fulfills 15% of daily energy
requirements of the company.
A renewable energy initiative that is both efficient and sustainable,
this installation has significantly reduced the company's dependency on
power from the national grid.
LOLC's first entry to promoting solar generated energy commenced back
in 2003 when it financed 4,000 solar panels in rural homes that were not
connected to the main grid.
In addition, in Maturata and Pussellawa plantations, the company has
invested in two hydro power plants which are also registered for carbon
trading. Similarly, the Hingurana sugar plantation commenced in
collaboration with the Government of Sri Lanka uses bagasse as bio fuel
to generate 2MW of energy with plans to increase it to 6MW in the
future. In addition, the Company's investments in a Bio Mass Company in
Kalutara is currently producing 6MW of energy using Gliricidia as bio
fuel with plans to increase it to 10mw in the future.
Commenting, Deputy Chairman of the LOLC Group, Ishara Nanayakkara
said, "Through our Maturata, Pussellawa, Gal Oya plantations together
with United Dendro Energy Pvt Ltd, we have committed ourselves towards
environmental sustainability by way of integrating renewable energy
initiatives into our business model.
"Our country is blessed with abundant natural resources which are
needed to implement such initiatives- sunlight, wind, rain and tides;
and together with our strong agroforestry background and our
accessibility to biomass and biofuel, the country is better positioned
to reap the lifelong benefits of establishing renewable energy
initiatives at national level" he concluded.
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