LAUGFS bullish on renewable energy sector
View(s):LAUGFS Holdings is keen to expand its renewable energy sector and through subsidiary, LAUGFS Power, has invested some Rs.6 billion to acquire and construct projects in this sector during the past two years, officials said.
“We acquired two mini hydros generating 2.75 Mega Watt (MW) this year. These are situated in Ginigathhena in Nuwara Eliya district,” a company official told the Business Times. He added that this was a Rs. 640 million investment while they spent some Rs. 4.5 billion to buy Anorchi Lanka (Pvt) Ltd and Iris Eco Power Lanka (Pvt) Ltd, two solar power projects.
These two companies are engaged in setting up of two 10 Mega Watt (MW) solar power generation projects in Hambantota, he added. He said that they are trying to acquire two hydros in the Ratnapura district and one in Nuwara Eliya. “These are still under discussion.” The official added that three mini hydros generating 1.3 MW were acquired by LAUGFS Power which cost them some Rs. 350 million. He said that all these are under construction (as they bought projects built in parts) and will wrap up the constructions by next year.
Meanwhile Thilak de Silva, Managing Director LAUGFS Holdings PLC, who spoke to the Business Times from Sweden, said. “We are looking at better synergies in this sector and we want to acquire more hydros (power plants),” He added that plans to construct an LPG storage terminal in the Hambantota Port via a BOI project will be completed in two years. “The facility will be set up on a four-hectare plot of land within the port,” he said.
LAUGFS is an energy conglomerate consisting of several sectors involving downstream Liquefied Petroleum Gas (LPG) as its primary activity with presence in other sectors including vehicle emission testing (VET), leisure, mini hydro power generation, property development and transport and logistics via five subsidiaries Laugfs Eco Sri (Pvt) Ltd, Laugfs Power Ltd, Laugfs Property Developers (Pvt) Ltd and Laugfs Maritime Services Pvt Ltd.