Aitken Spence PLC in Sri Lanka has acquired three small hydro projects through its purchase of Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC, for LKR900 million (US$4.5 million).
The three projects supply electricity to the national grid and are located in the Nuwara Eliya district. The projects are Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited. Waltrim hydropower draws its energy source from Kothmala Oya and Upper Waltrim hydropower and Elgin hydropower from Dambagasthwala Oya, according to a press release.
Aitken Spence says it is expanding its portfolio in hydropower in the pursuit of meeting rising energy demands, sustainable development, access to clean energy and lowering the national carbon footprint. The company also owns and operates the 2.5-MW Branford Hydropower (Pvt) Ltd. hydropower plant located in Matale. And the company owns and operates a 3-MW wind power plant located 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. 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,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.
The Power segment of Aitken Spence has diversified into renewable energy by establishing hydropower and wind power plants to support Sri Lanka’s demand for energy. The company recently introduced Sri Lanka’s first waste-to-energy power plant, officially launched in February 2021. These initiatives are in line with the collective efforts of government and the private sector to produce clean energy sustainably.