Home / Energy/ HNB partners Aitken Spence as lead banker to Rs. 9 b first waste-to-energy plant

HNB partners Aitken Spence as lead banker to Rs. 9 b first waste-to-energy plant

Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 15 August 2017 00:12

 Untitled-1HNB announced a timely partnership with Aitken Spence PLC to serve as lead arranger to a syndicated loan facility for the construction of a revolutionary 10 Megawatt (MW) waste-to-energy power plant. 

The syndicated funding facility arranged by HNB is for a total sum of Rs. 9 billion. Bank of Ceylon, People’s Bank and DFCC will join the syndication with HNB.

Managed by Western Power Company Ltd., a member of Aitken Spence Group, the project represents a vital and much needed solution to the current challenges of disposing solid waste within the Colombo Municipal Area. This waste-to-energy plant of 10 MW that is estimated to cost Rs. 13 b will daily convert 500-700 metric tons of municipality waste into electricity.

The plant will be fuelled by waste collected from the Colombo Municipal Area, which was previously dumped in Meethotamulla and will be relocated in the waste management zone at Kerawalapitiya. Construction of the plant is scheduled in August and is planned to reach completion by fourth quarter 2019. 

The groundbreaking ceremony for the new plant was attended by President Maithripala Sirisena and Minister of Megapolis and Western Development, Champika Ranawaka together with several other prominent ministers, Members of Parliament and various dignitaries representing the project’s varied stakeholder groups. 


“HNB is proud to be associated with Aitken Spence Group in this financing transaction that is of national priority. As one of the largest banks in the country, we believe that challenges our growing nation faces today can be solved through strategic partnerships. Waste-to-energy power generation is currently one of the world’s most effective and green modes of managing disposal of waste By taking the lead in this vital project, HNB hopes not only to support this strategic investment but also to pave way for the introduction of much needed innovative and cutting-edge technology to Sri Lanka’s power and energy sector,” HNB’s MD/CEO Jonathan Alles said.

DGM Corporate Banking Ruwan Manatunga noted that HNB’s Project Finance business has continuouslybeen in the forefront of investing in renewal power projects. As the Lead Arranger in financing this first waste to energy project in Sri Lanka, HNB’s Project Finance team has once again proven its market leadership capabilities in playing a lead role in providing financing solutions for large scale infrastructure projects in the country. 

Reiterating on the pride which HNB felt in serving as lead banker in this pivotal journey of the country’s power sector, he added that the bank has already set the ground to support similar projects in the pipeline including other large scale infrastructure and project finance transactions.

Pix by Ruwan Walpola




Share This Article


Today's Columnists

We can’t let the oddities and lapses of this Government distract our goal of Yahapalanaya

Wednesday, 17 January 2018

Yes, lots of funny things are happening on the Government side, giving opponents of freedom and good governance

Marketing and war are similar; who will win on 10 February?

Wednesday, 17 January 2018

If we watch any media channel today, the focus is on the 10 February elections in Sri Lanka. For the first time we see how

Pitfalls in 5Ss and how to avoid them

Wednesday, 17 January 2018

After many years of experience in the manufacturing industries and successful implementation of lean practices in sixty companies

Walking an adaptable path to your cloud vision

Tuesday, 16 January 2018

While most companies have a vision of their cloud future – where everything in IT is simple, flexible, elastic making it easy to innovate, be swift to market and delight customers– fewhave a clear view of how to get there.This isbecause they are

Columnists More