LOLC invests $ 16 mn in new power plant

Indunil Hewage

LOLC group will invest $ 16 million to build a power plant to be fired by gliricidia, Ishara Nanayakkara, Deputy Chairman of the LOLC Group told Daily News Business.

The plant is expected to be commissioned in mid 2014 and according to Nanayakkara the electricity generated will be sold to Ceylon Electricity Board (CEB) under the power purchasing agreement signed between LOLC group and CEB. Even though the company has already selected two strategic locations namely Ambalantota and Gonoruwa for the project, it has not still finalized the exact location to build the proposed power plant.

The company is also planning to cultivate gliricidia in barren lands in the large plantation sector with the support of rural community and all stakeholders. Nanayakkara also said Gliricidia leaves can be fed to cattle or used as fertilizer.