June 11, 2009 (LBO) – Sri Lanka’s Commercial Bank of Ceylon is planning to finance renewable power plants in Africa with the help of the International Finance Corporation (IFC), an official said.
Commercial Bank officials did not say who their engineering partners in Uganda would be.
In July 2007 Sri Lankan power company Eco Power Limited (EPL) entered the Ugandan power market to build a 6.5 MegaWatt (MW) mini hydro plant in the Ishasha River in Kanungu district, located in the south-west of the country.
The Ishasha project costing 12 million dollars was financed by the IFC.
EPL is a privately owned Sri Lanka-based company incorporated in Uganda in 1997. A 90 per cent stake in EPL is held by Eco Power Holdings while the rest is owned by Romesh Dias Bandaranaike.
Commercial Bank has already committed over a billion rupees of investments in the renewable energy sector in Sri Lanka, managing director Amitha Gooneratne said.
Commercial Bank has financed 35MW of mini hydro projects, of which 20MW of capacity has already been completed.
The bank is also financing a 30MW wind power plant in the north-west coastal town of Puttalam, about 120 kilometres north of