Sri Lanka’s Lanka Ventures PLC had proposes to invest US $ 10.8 million for a 45% equity stake in Feni Lanka Power Limited that will construct a 114 MW thermal power plant in Bangladesh under a 15-year power purchase agreement entered into with Bangladesh Power Development Board.

In the latest annual review of the company, Chairman Lakshman Silva highlights that the project is expected to be commissioned in financial year 2019/20.

Further a construction of the 10 MW hydro power plant in Nepal referred to earlier will begin during the current financial year and the project is expected to be commissioned during the financial year 2019/20.

“Accordingly we would be in a position to account for share of profit from these two projects from 2019/20 onwards” Silva notes adding that they explored the prospect of investing in solar power by submitting proposals under a tender floated by the Ceylon Electricity Board (CEB) for the establishment of ninety, 1 MW solar power projects in different parts of Sri Lanka.

“The proposals submitted by us for projects totaling 6 MW are currently under consideration by the CEB. If the projects are awarded in our favour, we would be in a position to add solar power also to our energy sector investment portfolio which is presently confined to hydro, wind and thermal power” Silva notes in his review. 

- Reporting by Devendra Francis