Aitken Spence invests in another renewable energy project in hydropower - Aitken Spence
News

Aitken Spence Invests in Another Renewable Energy Project in Hydropower

Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC for Rs. 900 million. The company contributes 6.6MW to the national grid via three mini hydropower plants located in the Nuwara Eliya district, namely of Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited. The Waltrim hydropower draws energy source from Kothmala Oya, Upper Waltrim hydropower and Elgin hydropower from Dambagasthwala Oya.

Aitken Spence expands its portfolio in hydropower in the pursuit of meeting rising energy demands, sustainable development, access to clean energy and lowering our national carbon footprint. This is the second hydropower plant which is owned and operated by Aitken Spence. Branford Hydropower (Pvt) Ltd. is the other hydropower plant with a 2.5MW capacity located in Matale. The company also owns and operates a wind power plant with 3MW capacity 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.

“Aitken Spence maintains highest environmental, safety and quality standards in the management of our power plants. These stringent management frameworks will be extended to the newly acquired power plants to meet compliance requirements as well as global benchmarks for cleaner production of energy,” added Mr. Leel Wickremarachchi, Managing Director of the power segment of Aitken Spence.

The Power segment of Aitken Spence is a leading player in the sector with a reputation for investing in pioneering technologies and has diversified into renewable energy by establishing hydro power and wind power plants to support Sri Lanka’s demand for energy. With their commitment to increase the country’s energy consumption from renewable energy sources, the company recently introduced Sri Lanka’s first waste to energy power plant that was officially launched in February 2021. Moreover, these initiatives are in line with the collective efforts of government and the private sector to produce clean energy sustainably.

 

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.