Aitken Spence invests in another renewable energy project in hydropower

Aitken Spence Deputy Chairman and Managing Director Dr. Parakrama Dissanayake accepting the share transfer form from Sunshine Energy Chairman Harsha Abeywickrama in the presence of Aitken Spence Executive Director Stasshani Jayawardena, Aitken Spence Executive Director Dr. Rohan Fernando, Aitken Spence Chief Financial Officer Nilanthi Sivapragasam, Aitken Spence Managing Director – Power segment Leel Wickremarachchi, Sunshine Energy Managing Director Shyam Sathasivam and Waltrim Energy Director Harin Udeshi 

Aitken Spence PLC recently acquired Waltrim Energy Ltd., 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 Ltd., Upper Waltrim Hydropower Ltd. and Elgin Hydropower Ltd. 

The Waltrim hydropower draws energy source from Kotmale 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 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 Aitken Spence PLC Deputy Chairman and Managing Director Dr. Parakrama Dissanayake. 

“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 Aitken Spence Managing Director – Power segment Leel Wickremarachchi.

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 its 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. Moreover, these initiatives are in line with the collective efforts of Government and the private sector to produce clean energy sustainably.