Laugfs Power Limited acquired Pams Power (Private) Limited for 200 million rupees to build a 2-MW small hydropower in plant in Sri Lanka.
This transaction was announced in a corporate disclosure to the Colombo Stock Exchange. The disclosure stated Laugfs Power acquired the total issued shares of the company on Feb. 10.
Pams Power holds all rights for the development and operation of the facility, located in Kalaweldeniya, Polpitiya. The plant is expected to cost 500 million rupees to develop and is anticipated to be commissioned in early 2017. Expected annual generation is 7.18 GWh, to be supplied to the national grid.
Laugfs Power, a subsidiary of Laugfs Gas PLC, operates small hydro projects at Ranmudu Oya, Balangoda.
The Sri Lankan government is in the midst of ongoing efforts to reduce the country’s dependence on imported fuel by cultivating its hydroelectric power resources.
“Hydroelectricity generation has played a major role in power generation in Sri Lanka since the commissioning of the first hydroelectric power plant in 1950,” according to the Sri Lanka Sustainable Energy Authority website. It says the economically feasible small hydro potential in the country is estimated to be 400 MW.