Sri Lanka-based Aitken Spence PLC has announced it has acquired hydropower operator Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC for Rs. 900 million. The company operates 6.6MW via three mini hydropower plants located in the Nuwara Eliya district – Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited.
This is the second investment in hydropower by Aitken Spence. The company also owns the 2.5MW Branford Hydropower (Pvt) Ltd in Matale, as well as a 3MW wind power plant in Ambewela.
“This is yet another investment made by Aitken Spence that shows our commitment to expand the power generation portfolio with renewable energy projects,” said Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC. “Hydro power plays a key role in renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and effective and efficient management of sustainable and affordable generation of energy supplied to the national grid.”
Dr. Parakrama Dissanayake - Deputy Chairman and Managing Director Aitken Spence PLC accepting the share transfer form from Mr. Harsha Abeywickrama - Chairman Sunshine Energy Ltd; in the presence of Ms. Stasshani Jayawardena - Executive Director Aitken Spence PLC, Dr. Rohan Fernando - Executive Director Aitken Spence PLC, Ms. Nilanthi Sivapragasam - Chief Financial Officer Aitken Spence PLC and Mr. Leel Wickremarachchi - Managing Director of the power segment from Aitken Spence PLC. Mr. Shyam Sathasivam - Managing Director, Sunshine Energy Ltd. and Mr. Harin Udeshi - Director, Waltrim Energy Ltd.