BOI project for mini hydro power with Kosgulana Hydro Company
Monday, 14 October 2013 00:00
The Board of Inve-stment of Sri Lanka signed an agreement with Kosgulana Hydro Company Ltd. to set up a mini hydro power plant. BOI Chairman Dr. Lakshman Jayaweera signed the agreement on behalf of the BOI along with Kosgulana Hydro Company Ltd. Chairman Watanabe Satoru and Director Mohamed Azam Koya.
The wire site of the 1.5 MW project is located on Kukule Ganga in Kosgulana village in the Ayagama Divisional Secretariat in the Ratnapura District. The projectâ€™s estimated investment will be around Rs. 475 million.
Watanabe, who has considerable experience in solar energy in Japan, saw the potential for a mini hydro power plant in Sri Lanka. Furthermore, Watanabe had made his decision to invest in Sri Lanka following the recent State visit to Japan by President Mahinda Rajapaksa. The Sri Lankan President had invited Japanese entrepreneurs to invest in the Island.
In addition, Watanabe had also decided to invest in Sri Lanka to support a country which had helped the Japanese victims of the 2009 Tsunami. He wanted to express his gratitude for this gesture.
The power plant will commence construction shortly and is expected to be completed soon. The mini hydro plant will provide electricity to the national grid.
Minister of Investment Promotion Lakshma Yapa Abeywardana formally presented the investors with the BOI Certificate of Registration at the Ministry of Investment Promotion.