Aug 21, 2017 (LBO) – Panasian Power has announced the acquisition of Lower Kotmale-Oya Power Two (Pvt) Ltd to construct two mini hydro-power plants (MHP) in the Nuwara-Eliya district in early 2018.
The construction will have an estimated investment of 400 million rupees, and envisages combined output of 7.53 GWh per annum.
“This latest acquisition is in keeping with our long term goal of increasing our renewable energy footprint to meet the local demand for clean, low cost energy. Furthermore, our decade long experience in the mini hydropower sector makes us ideally suited to ensure that the project runs efficiently with the highest energy output,” said Pathmanatha Podiwala, General Manager of Panasian Power.
“Renewable energy projects like this will help propel Sri Lanka towards a sustainable energy future that will yield benefits throughout our economy and increase the quality of life.”
Due to the convenient accessibility, short length of structures and minimal environmental impact, construction of the project is not expected to exceed 12 months, Podiwala said.
The Lower KotmaleOya Power Two(Pvt) Ltd was formed as a special purpose vehicle company to develop two cascade projects, the Lower KotmaleOya II MHP and Medakumbura MHP, utilizing water resources from KotmaleOya in the Pudaluoya township, NuwaraEliya district.
Panasian Power, which was incorporated in 1982, owns and operates a Mini Hydropower Plantsand supplies electricity directly to the Ceylon Electricity Board in accordance with the Small Power Purchase Agreement (SPPA) entered into on 5th July 2004 and spans for 15 years with a further extension of 5 years.