Sri Lanka approves five mini-hydro power plants in first two months
ECONOMYNEXT – Five projects to set up mini-hydro power plants in Sri Lanka’s were among 16 new agreements the Board of Investment signed with investors in the first two months of 2016.
The investment promotion agency said the 16 agreements represent a cumulative future investment of 110 million US dollars and will be generating an estimated 1,250 new direct employment opportunities.
The BOI said the Mini Hydro Power projects will boost energy capacity with the island which is facing a power crisis after three islandwide breakdowns in recent months amid a drought which has reduced hydropower.
Five new agreements have been signed in January and February 2016 to set up Mini Hydro power projects in Ratnapura, Haldummulla, Matale and Hali Ela areas with the total investments being 18 million dollars.
The projects are by Euro Lanka Energies (Pvt) Ltd, Meunex Nahalwathura Hydropower (Pvt) Ltd, Lower Lemastota Hydropower (Pvt) Ltd, Escas Digital (Pvt) Ltd and Bambarapana Hydropower (Pvt) Ltd.
The BOI said it signed two deals for hotel projects with the tourism industry experiencing rapid growth.
Wild Coast Lodge (Pvt) Ltd signed agreement to set up a 28 roomed boutique hotel in Palatupana, Yala while DodunduwaWatta (Pvt) Ltd signed a deal for a 64 roomed hotel in Palalla, Weligama.
The BOI also signed two agreements with Superlative Properties (Pvt) Ltd and Mulberry Holdings (Pvt) Ltd to set up new apartment complexes in Colombo with estimated investment of 14 million dollars.
It also signed deals with New Verazo Apparel Export (Pvt) Ltd and I C Collection (Pvt) Ltd to set up plants to manufacture garments for export markets in Bandarawela and Jaffna with investments of 6 million dollars creating 263 new direct job opportunities.
Other projects include one by New Silkroad Aquatic Company (Pvt) Ltd to manufacture fish meal for export in Mannar and a plant in Seeduwa to make metal based electrical components using imported coils and steel sheets for export by Unfield Integrated Services (Pvt) Ltd.
J R Holdings Lanka (Pvt) Ltd signed an agreement to set up a Mixed Development project in Kottawa while Horizon Knowledge City Ltd will set up a Higher Education Institute in Malabe.
Celogen Lanka (Pvt) Ltd has signed an agreement to manufacture pharmaceutical products for the local market in the Kandy Export Processing Zone.
(COLOMBO, April 01, 2016)