Aitken Spence buys Browns solar power venture for Rs.1.4 b

Aitken Spence Plc has acquired 100% shareholding in Sagasolar Power Ltd., for Rs. 1.4 billion from Browns Investments Plc.

Sagasolar operates a 10MW renewable energy plant in Hambantota.

This is the second renewable energy acquisition by Spence in just over a year.

In April last year it acquired mini hydro firm Waltrim Energy Ltd., for Rs. 900 million from Sunshine Holdings PLC and Mouldex Ltd.

Waltrim operates three hydropower generation plants in Nuwara Eliya with a total capacity of 6.6 MW under separate wholly-owned subsidiaries – Waltrim Hydropower Ltd., Upper Waltrim Hydropower Ltd.,f and Elgin Hydropower Ltd. Aitken Spence in its FY22 Annual Report said the acquisition of Waltrim Energy in April 2021 added 6.6 MW of hydro power to the sector’s portfolio while a further 748 KW were added through roof top solar installations.

"These power plants recorded an exceptional performance during the year due to favourable weather patterns and priority access to the grid," Aitken Spence Deputy Chairman and Managing Director Dr. Parakrama Dissanayake said.

Aitken Spence’s power sector interests include a 100 MW thermal power plant, a 3 MW wind power plant, a 2.5 MW hydro power plant and the country’s first 10 MW waste-to-energy plant.