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HNB’s Corporate Banking’s Project Finance Team arrange finances for Wind Force’s 10 MW Solar Power P

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 27 July 2017 01:09


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HNB Deputy General Manager, Corporate Banking Ruwan Manatunga and HNB Head of Project Financing Business Majella Rodrigo

HNB’s project finance team of their corporate banking division lauded the success of Wind Force Ltd., on completion of their 10 MW Solar Power Project in Vavuniya. Under the name of Vydexa (Lanka) Power Corporation, the solar power project achieved a record breaking commissioning period of just 64 days. 

Majella Rodrigo, head of Project Finance stated that HNB as the largest private bank in Sri Lanka, was proud to be the sole funding partner of this renewable power project. “The focus and relentless commitment by the entire team, through their commitment to green energy concepts and green initiatives makes this project important to us,” he said.

“It is a clear indication of our allegiance to projects of national interest,” Rodrigo went on to note. Commenting further, Rodrigo noted that this is the country’s fifth mega scale solar power project to be commissioned to the national grid and HNB is proud to be the financing partner of two of these significant projects. 

Vydexa (Lanka) Power Corporation is the second Solar Power Project in Sri Lanka to utilise the innovative  ’Single Axis Tilting Facility’ technology, which tracks the movement of the sun to optimise positioning of solar panels.  

DGM Corporate Banking Ruwan Manatunga elaborated that HNB’s corporate banking project finance division has up to now supported over 30 large scale renewable power projects both locally and overseas, amounting to a total capacity of over 110 MW. 

“HNB has continuously been in the forefront of investing in the renewable power sector in Sri Lanka varying from hydro, wind, solar, biomass and is now poised to further develop project investments in the space of ‘solid waste to power’ sector. HNB will continue to lead the market in providing innovative solutions to this vital area of investment and corporate clientele,” Manatunge noted

HNB’s Project Financing business vertical is a total service offering proposition ranging from origination and arrangement, to underwriting and syndication of buy-outs and corporate acquisitions. The Project Financing team has also played a lead role in providing financing solutions for infrastructure projects covering key development projects which includes manufacturing, water purification, healthcare, education, tourism, construction, highways and bridges etc. 

The team’s deep understanding of specialised market knowledge enables them to support clients across all sectors. The ongoing Project Financing lending portfolio is well over Rs. 100 billion, a testament of the bank’s commitment to support the country’s infrastructure and project finance transactions.


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