Country Energy currently has all statutory approvals for two hydro power plants; the Denawaka Ganga Hydro Power Project with an approved capacity of 4.9MW and the Kiriwaneliya Hydro Power Project with an approved capacity of 3.8MW.
The plants are located in the Ratnapura and Nuwara Eliya districts in the central hills.
Country Energy also has Standardized Power Purchase Agreements with the Ceylon Electricity Board for both projects.
"Country Energy has already incurred preliminary expenses for site clearing and internal road construction at the project sites," the statement said.
It said the Denawaka Ganga Project has the potential for 7.2MW and the Kiriwaneliya Project has the potential for 4.95MW.
"Country Energy is now in the process of obtaining statutory approvals for the higher capacity,