Home / Front Page/ LAUGFS to set up largest solar power plant with Rs. 5 b investment

LAUGFS to set up largest solar power plant with Rs. 5 b investment


Comments / {{hitsCtrl.values.hits}} Views / Friday, 11 September 2015 00:08


Untitled-4

LAUGFS Holdings Ltd., has further expanded its footprint in the power and energy sector with the acquisition of two solar power projects as part of an ambitious expansion plan to set up the largest generator in the country.

LAUGFS Power, a wholly-owned subsidiary of LAUGFS Gas PLC and engaged in renewable energy solutions, recently announced the acquisition of Anorchi Lanka Ltd. and Irish Eco Power Lanka Ltd., which have the right to develop two solar power projects. Once completed, this is expected to be the largest solar power project in the country with a combined capacity of 20MW and adding around 34GWh to the national grid every year. 

Situated in Hambantota in a 90 acre site, the projects are due to be commissioned during 2016 with a total estimated investment of Rs.4.5 to 5 billion and would be a mere precursor to the company’s ambitious plans in the pipeline for the renewable energy sector.

In keeping with global trends, focus on sustainable energy solutions has increased rapidly over the recent few years in Sri Lanka, with the Government’s plans to increase the contribution of renewable energy to 20% of the total energy requirement by 2020. LAUGFS’s investment in solar power aims to further strengthen its expansion plans in the power and energy sector with renewable and sustainable energy solutions.

“We believe that there is tremendous potential to develop renewable energy sources in taking the country towards a sustainable energy future. With so many resources freely available to us, it is time to make the most of these for the betterment of our nation,” LAUGFS Holdings Group Chairman W.K.H. Wegapitiya said.

 “Our commitment to sustainability has always been a part of our business strategy. It is at the core of how we operate and extends beyond our businesses as a firm commitment made towards our environment, our people, our industries and our country. Therefore we are constantly looking to develop and integrate sustainable ways of doing business, as we believe it is our responsibility to ensure that the future of our country remains secure for the next generations,” added Group Managing Director U.K. Thilak De Silva.

Since inception, LAUGFS has had a strong focus on exploring and developing sustainable and environmentally friendly energy solutions. The pioneering auto gas conversion business, which marked the inception of LAUGFS 20 years ago, rapidly became popular among Sri Lankan motorists as a cost effective and a more environmentally sound approach to automotive energy. In 2001, LAUGFS entered the LPG industry offering an alternative, cleaner energy solution for both domestic and commercial markets.

LAUGFS today engages in hydro power generation and supplying to the national grid, with several more hydro power plants under construction. The company has further extended its focus on renewable energy sources towards its other business operations. Anantaya Resorts & Spa, for example, generates part of the hotel’s energy requirement through on-site wind and solar power sources. 

LAUGFS also plans to further expand into larger scale generation of wind and hydro energy with long term plans to extend beyond national borders, into the South and South Eastern regions of Asia. As it celebrates its 20 year journey, LAUGFS continues to strengthen its position as a leader and pioneer in the power and energy sector with a firm focus on sustainable energy solutions, determined to place Sri Lanka on the global map for renewable energy.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Unless addressed, wages issue will keep troubling Bangladesh’s garment industry

Saturday, 19 January 2019

The recent week-long mass protests by garment workers in Bangladesh came to an end after an upward revision of wages for six classes of workers. But even after the upward revision, the Bangladeshi garment worker gets less than what workers in compara


Is GDP the ideal metric of the future?

Friday, 18 January 2019

In an age of stark contradictions, we live in a world where the exclusive 1% enjoy access to an abundance of wealth and resources but also a world where a billion people scarcely have enough to eat and have limited access to health and education. Whi


Evaluation of economic performance: 4 years into Yahapalana Government

Friday, 18 January 2019

The Yahapalana Government completed four years on 8 January this year. The four-year journey was a rough ride with a clear rift between the President and the UNP; the ruling party. The Government continues to face severe criticism from both inside an


Elimination of bribery and corruption

Friday, 18 January 2019

Bribery and corruption can be regarded as a malicious cancer that has penetrated into almost every strata of Sri Lankan state. It can be considered a major factor affecting Sri Lanka’s poverty, backwardness and indebtedness. Abuse of power by thos


Columnists More