‘First utility scale solar power project in Sri Lanka’

LOLC Group company, Sagasolar Power (Private) Limited (Sagasolar) announces the opening of the first ever Utility Scale Solar Power plant in Sri Lanka. The plant based in Baruthankanda, Hambantota has the capacity to produce 10 MW of power that will be supplied to the National Grid. Sagasolar is a subsidiary of the LOLC Group and is a collaboration with Faber Capital Limited.

The development of this landmark plant is in line with Sri Lanka’s National Energy policy, which has the key focus of converting fossil fuel used in Electricity Generation to Sustainable Renewable Sources. Sri Lanka’s renewable energy journey began with Hydro power, supplemented by Wind Power, where this landmark project, has now embarked on generation through Solar Power, is arguably the most abundant and sustainable energy resource available in the country.

The 10 MW Solar plant, has been built on 45 acres of land within the Energy Development Area declared by Gazette notice 1720/5 on the 23rd of August 2011 under the Sri Lanka Sustainable Energy Authority Act. This project, the first of its kind by the private sector, is over seven times the size of the largest solar project in Sri Lanka at present; which is the 1.3MW pilot project owned and operated by the Sustainable Energy Authority, located in Hambantota.

Hambantota has one of the highest levels of Annual Global Horizontal Irradiation (GHI) in Sri Lanka. After energizing, the project will supply approximately 20 GWh, which will be sufficient to provide the annual electricity needs of approximately 15,000 typical Sri Lankan homes. The project will also reduce carbon dioxide emissions from power generation in the national electricity system by a margin of 11,000 tonnes per year.

The power plant was ceremonially opened on December 21 under the patronage of Ranjith Siyambalapitiya, Minister of Power and Renewable Energy and Ajith P. Perera Deputy Minister of Power and Renewable Energy.

The project debt is financed by a banking consortium experienced in renewable energy projects, with DFCC Bank taking the largest exposure followed by Commercial Bank and Hatton National Bank.

The project is a collaboration between the LOLC Group and Faber Capital Limited, the key equity providers.

"At LOLC, we believe our achievements in sustainability are more than fulfilling a responsibility, or a feather in our cap; it is embedded in our business model, and has made us who we are today. In the recent years, renewable energy has gained prominence in the Sri Lankan economy, and LOLC Group is poised to play a key role in enhancing our commitment in environmental stewardship. We are highly excited to venture into solar power generation, first of its kind and magnitude by the private sector, reflecting our true passion for a greener tomorrow", said Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group. - LOLC

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