Lotus in talks with various partners to invest on green power projects
View(s):Lotus Renewable Energy Pvt Ltd (LREP) is in talks with energy funds, financial institutions and family offices and like-minded overseas investors in Sri Lanka to get them to power the country into a more prosperous, cleaner, greener future.
As a green energy company, Lotus said in a media release that it plans to contribute 5 per cent of Sri Lanka’s power generation through greener energy by 2022, and increase the amount incrementally to 10 per cent by end 2030.
Lotus needs Rs. 20 billion to meet its objective.
Lotus says that it is looking for opportunities to invest in the renewable energy sector, and wants people with innovative ideas to come forward and help them realize the dream of transitioning economies from fossil fuel dependency, to renewable energy innovation.
Gary Seaton, new Chairman of Lotus Hydro Power PLC, (formerly known as Browns Hydro Power PLC) says, “The transition from fossil fuels to renewable energy is paramount if we are to protect our water, air land and oceans, which in turn will support the inhabitants of the earth. We do a powerful, power intensive, innovative job and Lotus uses state-of-the-art technology for a greener world, and would power Sri Lanka to enter a cleaner but more energy intensive future”.
Lotus, with its operations across India, Singapore and Australia, is planning to expand its business in Sri Lanka’s power generation sector.
The company’s path to power creation in Sri Lanka is to buy over some of the existing power suppliers in Sri Lanka. “We took over the Browns Hydro Power operations, as a strategy to expand its market presence in Sri Lanka, as it is well committed towards cleaner and greener energy,” says Menaka Athukorala, Director at Lotus.
Lotus now consists of four mini hydro plants, with a total installed capacity of 4.9 MW. The company is planning to acquire a few more existing hydropower plants, and consolidate its market further.