March 30, 2007 (LBO) – A 2.2 MegaWatt mini-hydro plant built by the power division of Hemas Holding would be connected to the national grid in June, an official said. Hemas Power, a fully subsidiary of Hemas Holdings, signed an agreement on Friday with the BOI to invest 223 million rupees in the Giddawa mini hydro plant in the Kandy district.
The work on the plant had begun in January this and it can generate 9 GigaWatt hours of energy in a year, Kishan Nanayakkara, a director at Hemas’ Corporate Venture Fund told LBO.
We hope to connect it to the national grid next June, Nanayakkara said.
Hemas had also partnered with Lakdhanavi Limited – another independent power producer – to establish a 62 million dollar thermal power plant located in Puttalam in Sri Lanka’s western coastal belt.
Through the collaboration, another plant the Heladhanavi power plant with a 100 MegaWatt capacity was connected to the national grid in 2004.
The group’s consolidated turnover for the three quarters ending December 2006 was 8.3 billion, up 17.9 percent from the same period in 2005.
The profits increased 20 percent to 718 million during the same pe