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Monday, 3 January 2011 00:01 - - {{hitsCtrl.values.hits}}
Hydro Power Free Lanka Ltd. is expanding the group power generation further.
Its subsidiaries, Hydro Power Free Lanka 2 (Pvt) Limited and Hydro Power Free Lanka 3 (Pvt) Limited, had signed for construction of two mini-hydro power projects (MHPs) of 1 MW each at Thebuwana and Stellenberg respectively.
Connected Small Power Purchase Agreements (SPPAs) with the Ceylon Electricity Board (CEB) have been concluded along with agreements with Board of Investment of Sri Lanka.
Hydro Power had its IPO in October at Rs. 10 per share and was oversubscribed by 57 times. The company’s share price closed the year at Rs. 15.50 with a market capitalisation of Rs. 1.69 billion whilst its highest share price was Rs. 17 in 2010.
HPFL is a company involved in hydro power development activities. The company is jointly owned, in equal proportions, by Pussellawa Plantations Ltd. (PPL) and Free Lanka Power Holdings (Pvt) Ltd. (FLPH).
The company was incorporated under Companies Act No.17 of 1982 and has been re-registered under the new Companies Act No.7 of 2007. The company, which obtained BOI approval via agreement dated 27 September 2000, commenced commercial operations in December 2003.
The initial stage of hydro power generation began with the construction of the Sanquhar MHP in 2002, with a capacity of 1.6 MW, where power generation commenced from December 2003. The plant, located in Sanquhar Tea Estate in Atabage village, uses the water flow from the lower section of Galatha Oya, which can be accessed through Gampola-Nuwara Eliya road.
The second hydro plant, namely the Delta MHP, was constructed in 2004, where power generation commenced in April 2006. This plant too has a power generation capacity of 1.6 MW and is located in Delta Tea Estate in the village of Pupuressa. The plant uses water flow from the upper section of the Atabage River, which too can be accessed through Gampola-Nuwara Eliya road.
Both these projects are located in tea estates managed by Pussellawa Plantations Ltd. in Gampola, Kandy District and they harness the run-of-river hydro power technology.
