LOLC is actively eyeing more renewable energy projects on the back of commissioning the 48 kilo watt solar system at their head office in Rajagiriya, officials said. "At our vehicle repair facility in Wellampitiya we plan to commission a similar solar pnel. We're calling firms for proposals on this,” Ishara Nanayakkara Deputy Chairman LOLC told the Business Times on the sidelines of a media briefing to commission the Rs 19 million Solar system at LOLC head office.
Energy Minister Champika Ranawaka who commissioned the Solar system noted that the government is keen on renewable energy. Kapila Jayawardena, CEO LOLC noted that 90% of rainwater is also harvested at their Wellampitiya factory.
LOLC is also bullish on dendro power which is generated from sustainable grown biomass (fuel wood).
"We are starting a dendro power project with nitrogen-fixing Gliricidia trees which is a 4 Mega Watt (MW) project in Mathugama," he said. He added that dendro using sustainably grown fuel wood can be effectively used to replace the use of fossil fuels for electricity generation and it can also deliver many other socioeconomic and environmental benefits.
He said with the Solar Panel System at the LOLC head office about 15% of daily electricity usage will be reduced. "We will sell some of the electricity back to the national grid after obtaining relevant approvals," he added. He said LOLC has also commissioned some 28 MW mini hydro projects in Pussellawa and Mathurata plantations.
LOLC recently ventured into hotels when they acquired Confifi Hotels from the Furkhan family. On Monday, the Securities and Exchange Commission granted them provisional sanction to proceed with setting up a share brokering firm.