Vidullanka completes acquisition of 1 MW ground mounted solar power firm

Tuesday, 2 March 2021 03:10 - - {{hitsCtrl.values.hits}}

Vidullanka PLC yesterday completed the acquisition of a 51% equity stake in Orik Corporation Ltd., which holds the right and approvals to develop a 1 MW ground mounted solar power plant in Monaragala.

The power purchasing agreement signed with the Ceylon Electricity Board (CEB) allows the company to sell the generated electricity at a tariff of Rs. 15.97 for a 20-year period.

According to the share purchase agreement, Vidullanka will further acquire a 10% stake in the company upon achieving the financial close for the project. It will continue to invest in the equity of Orik Corporation, which would ultimately increase the ownership of Vidullanka to 87%, whilst the 13% equity stake will be held by the promoter.

The company intends to utilise part of the proceeds to be raised via the rights issue of non-voting shares for this purpose. The total investment envisaged for the acquisition and development of the project is approximately Rs. 125 million.

Vidullanka also incorporated a wholly owned subsidiary Venergy Lanka, primarily for the purpose of securing bids under competitive tenders.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.