Monday Sep 23, 2024
Monday Sep 23, 2024
Monday, 28 September 2015 00:00 - - {{hitsCtrl.values.hits}}
Vidullanka Plc, one of the prominent players of Sri Lanka’s renewable energy industry, has commenced construction of a 6.5 MW Small Hydro Power Plant in the Kabale District, Uganda.
The ground breaking ceremony was held on 21 September, attended by Ugandan Prime Minister Dr. Ruhakana Rugunda, Kana Kananathan, Vidullanka Plc Managing Director Riyaz M. Sangani, staff and members of local communities.
Dr. Rugunda welcomed the Sri Lankan investors and pledged Government support for the power project, which will supply 31 GWh of energy annually to the Kabale grid. The Muvumbe Small Hydro Power Project, which utilises the flow of the Muvumbe River in the Maziba sub-county, is expected to be completed in early 2017.
The project company, Muvumbe Hydro (U) Ltd., a fully-owned subsidiary of Vidullanka Plc, has signed a 20-year power purchase agreement with Uganda Electricity Transmission Company Ltd. (UETCL), the State entity for electricity distribution in Uganda.
In addition, the project company has also secured the GETFiT premium grant for the Muvumbe SHPP, for the positive environmental and socio-economic impact the project produces.
The project cost is estimated to be $ 12.5 million and funded by Vidullanka with a combination of equity and debt. Vidullanka Plc has commissioned five projects in Sri Lanka in a three-year time span, doubling its installed capacity.
The company is unique among its peers in that it is equipped with a strong team of technical staff capable of feasibility studies, power plant design, project development, plant construction management, machine installation and grid connection.
Vidullanka Plc is also engaged in obtaining approval for several mini hydropower projects both in Sri Lanka and East Africa and continues to maximise the shareholder value company while upholding its commitment to society and the environment. The share price of the company has doubled within two years’ time, reflecting its performance and future potential.
