Saturday Dec 28, 2024
Saturday Dec 28, 2024
Tuesday, 26 November 2024 02:49 - - {{hitsCtrl.values.hits}}
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Chairman Sumal Perera |
Access Engineering PLC (AEL) has diversified into the renewable energy sector hot on the heels of a groundbreaking venture in radiopharmaceutical.
The company has entered into a Power Purchase Agreement with the Ceylon Electricity Board (CEB) on Friday under the “Net Plus Plus” scheme for a 6.6 MW solar photovoltaic (PV) installation which will operate with a validity period of 20 years.
AEL’s first exposure to renewable energy was in 2018 when it began work on the largest wind power project in Sri Lanka with a capacity of 110MW in Mannar, in partnership with the prime contractor Vestas Asia Pacific A/S, the world’s largest wind turbine manufacturer.
AEL Chairman Sumal Perera, in the company’s FY24 Annual Report, said: “As part of our medium-term plan to future-proof our operations, we will also explore new and emerging opportunities, particularly in the renewable energy sector, which I expect will transform the Group’s growth trajectory and elevate our industry leadership in the years ahead.”
Renewable energy is its latest diversification. Earlier this month, AEL also announced it has signed a Build, Operate and Own (BOO) Agreement with the Sri Lanka Atomic Energy Board, together with the Health Ministry, for the establishment of a cyclotron based radiopharmaceutical production facility.
Access has set up a special purpose vehicle for this project – Access Medical Tracers Ltd. – in which AEL holds 60% stake, Access International Ltd. holds 20%, the Sri Lanka Atomic Energy Board holds 10%, and the Health Ministry holds 10%.
This is the first time such a facility is developed in Sri Lanka to produce Fluoro-Deoxy Glucose (FDG), required mainly for the purpose of cancer detection. The development cost of the facility is estimated at $ 6.5 million.
AEL has extensive interest in the construction industry and last year diversified into the supply of warehousing logistics space with logistics parks in Ekala and Kimbulapitiya. It also has interests in motor and transportation, with Sathosa Motors PLC as a subsidiary, and Access Motors as the authorised distributor for Land Rover and Range Rover, as well as Jaguar vehicles.
