Leel Wickremarachchi is quitting Vallibel Power Erathan Plc as its MD/CEO with effect from 31 December, 2010 after a four and a half year stint.
He joined the company soon after the company had gone public in mid 2006. The company owns and operates a 10 MW hydro power project at Erathna in the Ratnapura District and the company is also developing two hydro power projects through its solely owned subsidiary of Country Energy (Pvt) Ltd. at Ratnapura and Laxapana with an installed capacity of 7.2 MW and 4.95 MW respectively.
He is also resigning from Vallibel Power Ltd which is the parent company of VPE plc and Alternate Power Systems (Pvt) Ltd. (APSL) which owns and operates a 6.5 MW run-of-the- river hydro power plant.
Wickremarachchi played a crucial role in getting APSL’s hydro power project, the Adavikanda Mini Hydro Power Project, registered as a CDM project in August this year and as a result APSL’s bottom line would be swelled significantly with the additional revenue generating from marketing Carbon Credits.
Immediately prior to joining VPE plc he was the Director General of the Public Enterprise Reform Commission (PEFC) which has been closed down pursuant to the repeal of the PERC Act.
He is a strong proponent of public private partnerships as a way forward for ailing State Owned Enterprises (SOEs). PERC attempted to develop some PPP transactions to revive 17 SOEs during his stint at PERC from June 2004 to June 2006.
However, due to changes of political regimes, and also Ministers in charge of PERC, all those 17 transactions had been stalled with the exception of the revival of Hingurana Sugar Limited which was structured as a PPP transaction and which is currently being implemented. Wickremarachchi is expected to get involved in a consultancy assignment overseas.