Feb 17, 2016 (LBO) – Laugfs Power, a wholly-owned subsidiary of Laugfs Gas PLC, announced the acquisition of Pams Power (Pvt) Ltd for 200 million rupees to set up a 2MW mini hydro power plant in Ginigathhena in the Nuwara Eliya district.
The plant, expected to be commissioned in early 2017 with a total investment of 500 million rupees, will add 7.18 GWh to the national grid annually upon completion.
Focus on renewable energy in electricity generation has increased rapidly over the years in Sri Lanka, with hydroelectricity generation leading the industry. Vast strides have been already made realising a significant contribution to power generation from renewable energy sources.
Laugfs investment in Pams Power aims to further strengthen its expansion plans in the power and energy sector with renewable and sustainable energy solutions, the company said.
“There is a tremendous potential for developing renewable energy sources in Sri Lanka. As a conglomerate with deep Sri Lankan roots we firmly believe in investing in green energy solutions to build a secure future for our next generations,” Group Managing Director of Laugfs, Thilak De Silva said.
“We will continue to invest in this area as part of our commitment to securing our country’s energy future.”
Since inception, Laugfs has had a strong focus on exploring and developing sustainable and environmentally-friendly energy solutions, Laugfs said in a statement.
LAUGFS Power operates mini-hydro power development plants at Ranmudu Oya, Balangoda, supplying the national grid, with several more hydro power plants under construction.