Sunshine to buy remaining 30% stake in energy subsidiary for Rs. 400 m

Sunshine Holdings PLC is to fully acquire its energy arm as it continued to divest another subsidiary.

At present, Sunshine Holdings owns 70% stake in Sunshine Energy Ltd. It will acquire 30% stake held by foreign investor SBI Ven Holdings Ltd. for Rs. 400 million or Rs. 22.16 per share. 

Sunshine Holdings last week agreed to sell 100% stake in the energy arm’s subsidiary, Sky Solar, for Rs. 265 million to WindForce Ltd. The payment will be settled in two instalments. 

“The decision to sell Sky Solar was taken in line with the group strategy to exit from the energy business,” Sunshine added.

In April, Sunshine Energy sold 60.6% stake in Waltrim Energy for Rs. 545.3 million. This stake, along with minority stake, was acquired by Aitken Spence for Rs. 900 million.

Waltrim operates three hydropower generation plants in Nuwara Eliya with a total capacity of 6.6 MW under separate wholly-owned subsidiaries – Waltrim Hydropower Ltd., Upper Waltrim Hydropower Ltd., and Elgin Hydropower Ltd.

Aitken Spence’s power sector interests include a 100 MW thermal power plant, a 3 MW wind power plant, a 2.5 MW hydropower plant, and the country’s first 10MW waste-to-energy plant commissioned recently.