Resus Energy buys Sierra Power for Rs. 180 m

Tuesday, 17 April 2018 00:00 - - {{hitsCtrl.values.hits}}

Resus Energy (HPWR) has bought over Sierra Power Ltd. for Rs. 180 million.

The 100% stake amounts to 8.7 million shares. Sierra Power has the approvals to develop a 2 MW mini hydropower project in Nuwara Eliya.

In April 2017, Resus acquired the entirety of JB Power Ltd., a company owning the approvals to develop a small 700 kW hydropower project in Kegalle District, for Rs. 20.3 million.

Latest acquisitions, and an ongoing 1.9 MW upper Huluganga project, will increase Resus Energy’s total capacity to nearly 15 MW of renewable power.