Amana Bank partners Vidullanka to finance Madugeta Hydro

Amana Bank has partnered with leading renewable energy provider Vidullanaka PLC to finance their latest Mini Hydro Power Project (MHPP) at Madugeta in the Galle District. A signing ceremony was recently held at the Corporate Office of Amana Bank with the attendance of key officials of the Bank and Vidullanka.

The Madugeta MHPP has a capacity of 2.5MW and is estimated to generate 10.16 GWh of power annually and is to be connected to the National Grid by August 2013. The project is a joint venture between Vidullanka and Esna Power (Pvt) Limited.

Amana Bank’s MD/CEO, Faizal Salieh said, “Generating alternate renewable energy, which is also environmentally friendly is a critical need of the present time, and we appreciate Vidullanka’s contribution towards this end. Over the years the Bank has had a good relationship with Vidullanka and today we are taking this relationship one step further by assisting the Madugeta project as the sole financial provider based on our unique asset backed financing model.

Amana Bank is committed towards assisting sustainable growth of our economy by way of financing infrastructure development and renewable energy projects such as this.”

Appreciating Amana Bank’s involvement, Vidullanka’s CEO Riyaz Sangani said, “We are delighted to work with Amana Bank as one of our prime banking partners. In the recent past the Bank has progressed to greater heights in terms of customer service, efficiency whilst offering competitive banking solutions.”

Amana Bank’s MD/CEO Faizal Salieh handing over the agreement to Vidullanka’s MD Riyaz Sangani. Also in the picture are Amana Bank’s Chief Operating Officer, Mohamed Azmeer, VP- Credit, Amrit Canagaretna Senior Customer Relationship Manager, Sanjeewa Pieris and Vidullanka’s Head of Finance, Mafaz Ansar and Business Development Manager, Hydro Division, Sandun Thalagala