- Initiates restructuring hydro segment
Vidullanka Group further upholding its position to a greener future for Sri Lanka, recently commissioned its second rooftop solar project with Trendy Connections Ltd., the company said in a disclosure to the market.
This project is undertaken by Vidul Engineering Ltd., a wholly owned subsidiary of Vidullanka PLC. The plant has an installed capacity of 240kWp and has utilised the roof area of the Trendy Connections Ltd.’s factory premises located in Nugegoda.
The project is developed with an investment of Rs. 27 million and is expected contribute 0.33GWh of energy to the local grid annually. The PV modules used were manufactured by JA Solar Holdings, while the inverters are sourced from Huawei Technology. This solar power project is aimed to save 225 metric tonnes of carbon through clean energy power generation annually.
Vidullanka is in the process of raising additional equity funds through a rights issue of Non-voting shares in the Colombo Stock Exchange, with an objective of strengthening its presence in the solar power space. In addition to the already operating rooftop power plants at the premises of Diamond Cutters Ltd. and the Trendy Connections, Vidullanka intends to utilise the rights issue proceeds to further develop several more rooftop and ground-mounted power plants that are in pipeline. The company also disclosed about an initiative to amalgamate Walagamba Balashakthi Ltd., a fully owned subsidiary with the Vidullanka, which is the first step toward streamlining the operations of its hydro power segment. The amalgamation is subject to shareholder approval at a general meeting.
Despite the operational challenges due to COVID-19, Vidullanka is successful in achieving the highest annual capacity addition during the financial year 2020/21 while ensuring the safety and wellbeing of its employees along with smooth operations at the power plants. The group reported a Profit After Tax of Rs. 503.9 million for the first nine months of the financial year when compared to the corresponding period with Rs. 278.8 million and Rs. 362 million for the financial year 2019/20.
Vidullanka a pioneering entity in the renewable energy sector in Sri Lanka for over two decades has been growing from strength to strength each year. The company has a total portfolio of more than 37MW, with cumulative annual energy exceeding 144GWh from Hydro, biomass and solar power plant annually to the national grids of Sri Lanka and Uganda.
Vidullanka is sincerely committed to sustainability and its management’s strategic vision which ensures sustainable returns to its shareholders and all other stakeholders. As such, the company is now operating with a renowned focus on developing solar projects in Sri Lanka and overseas.