ECONOMYNEXT – LVL Energy Fund plans to diversify into solar power with seven new plants in Sri Lanka, adding total generation capacity of 7 megawatts costing 1.2 billion rupees, each having 20-year deals to sell power.
“We are on our way to setting up our first-ever solar power plants and we are very pleased to be diversifying into this highly sustainable and eco-friendly source of energy,” said Sumith Arangala, chief executive of LVL Energy Fund.
LVL Energy Fund, which invests in power projects in Sri Lanka and the region, will set up the solar plants in partnership with First Energy SL (Pvt) Ltd. in strategic locations across the island, a statement said.
LVL Energy Fund, a subsidiary of Lanka Ventures, already has several hydro, wind and thermal energy units in operation in Sri Lanka, Bangladesh and Nepal.
The new plants are being set up in response to a tender launched by the Ceylon Electricity Board (CEB), calling for the setting up of 90 power plants with a capacity of 1 MW each.
The new LVL solar energy capacity will consist of 3 MW located in Maho, 2 MW in Pallekele and plants in Mathugama and Embilipitiya each generating 1 MW.
Connected to 4 grid substations in these locations, each power project is to be developed on a Build, Own & Operate (BOO) basis.
The tenure of power purchase agreement for each plant is 20 years, and the entire implementation and set up process of the power plants is estimated to take about six months on receiving all approvals.
“We are on our way to setting up our first-ever solar power plants and we are very pleased to be diversifying into this highly sustainable and eco-friendly source of energy,” said Sumith Arangala, chief executive of LVL Energy Fund.
LVL Energy Fund, which invests in power projects in Sri Lanka and the region, will set up the solar plants in partnership with First Energy SL (Pvt) Ltd. in strategic locations across the island, a statement said.
LVL Energy Fund, a subsidiary of Lanka Ventures, already has several hydro, wind and thermal energy units in operation in Sri Lanka, Bangladesh and Nepal.
The new plants are being set up in response to a tender launched by the Ceylon Electricity Board (CEB), calling for the setting up of 90 power plants with a capacity of 1 MW each.
The new LVL solar energy capacity will consist of 3 MW located in Maho, 2 MW in Pallekele and plants in Mathugama and Embilipitiya each generating 1 MW.
Connected to 4 grid substations in these locations, each power project is to be developed on a Build, Own & Operate (BOO) basis.
The tenure of power purchase agreement for each plant is 20 years, and the entire implementation and set up process of the power plants is estimated to take about six months on receiving all approvals.
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