Vidullanka new subsidiary to set up Rs. 1 b worth 4.9MW solar power plant in Hambantota

Tuesday, 11 June 2024 01:33 -     - {{hitsCtrl.values.hits}}

A new subsidiary of Vidullanka PLC will set up a 4.9MW solar power plant in Hambantota with a Rs. 1 billion investment.

The Company said it has entered into an agreement with a consortium of promoters led by SEL Tech International Ltd., to jointly develop the venture. Vidullanka will own 50.1% of the project company Beliatha Solar Project Ltd.

With over 25 years of experience, the Vidul Group currently boasts a portfolio of 19 renewable energy power projects ranging from hydro, solar and dendro sources. The portfolio has a total energy capacity of around 49MW, which in turn generates and supplies over 180GWh annually to the national grids of Sri Lanka and Uganda.

In FY24, Vidullanka achieved Rs. 3.8 billion revenue up from Rs. 2.5 billion in the previous year and crossed the Rs. 1 billion mark in terms of profit after tax as against Rs. 866 million in FY23.