Amana Bank partners with Vidullanka to finance Madugeta hydro project

Amana Bank has proudly partnered with leading renewable energy provider Vidullanaka PLC to finance their latest Mini Hydro Power Project (MHPP) at Madugeta in the Galle district. A signing ceremony was recently held at Amana Bank’s corporate office which was attended by key officials from the bank and Vidullanka.

The Madugeta MHPP has a capacity of 2.5 MW and is estimated to generate 10.16 GWh of power annually and is to be connected to the national grid by August 2013. The project is a joint venture between Vidullanka and Esna Power Ltd.

Commenting on this partnership, Amana Bank MD/CEO Faizal Salieh said: “Generating alternate renewable energy, which is also environmentally friendly, is a critical need at present and we appreciate Vidullanka’s contribution towards this.

“Over the years, the bank has had a good relationship with Vidullanka and today, we are taking this relationship one step further by assisting the Madugeta project as the sole financial provider based on our unique asset backed financing model. Amana Bank is committed towards assisting sustainable growth of our economy by way of financing infrastructure development and renewable energy projects such as this.”

Appreciating Amana Bank’s involvement, Vidullanka CEO Riyaz Sangani stated: “We are delighted to work with Amana Bank as one of our prime banking partners. In the recent past, the bank has progressed to greater heights in terms of customer service and efficiency whilst offering competitive banking solutions.” Vidullanka constructs and operates renewable energy projects using hydro, solar and wind power sources.  As a BOI approved company incorporated in 1997, Vidullanka plays a significant role in developing the island’s renewable energy generation capacity and contribution to the national grid.

Amana Bank is powered by the stability and the support of its strategic shareholders Bank Islam Malaysia Berhad, the Islamic Development Bank based in Saudi Arabia and AB Bank in Bangladesh, The bank is making an aggressive journey in the Sri Lankan banking industry and is focused on capitalising the growing market potential for this unique banking model across the country.