Vidullanka group, further upholding its position to a greener future for Sri Lanka, recently commissioned its second roof-top solar project with Trendy Connections (Pvt) Ltd.
This project was undertaken by Vidul Engineering Ltd, a wholly owned subsidiary of Vidullanka PLC. The plant has an installed capacity of 240kWp and has utilized the roof area of the Trendy Connections (Pvt) Ltd’s factory premises located in Nugegoda, the solar power provider said in a media release
The project is developed with an investment of Rs. 27 million and is expected to contribute 0.33GWh of energy to the local grid annually. The PV modules used were manufactured by JA Solar Holdings, while the inverters are sourced from Huawei Technology. This solar power project is aimed to save 225 metric tonnes of carbon through clean energy power generation annually.
Vidullanka PLC is in the process of raising additional equity funds through a rights issue of Non-voting shares in the Colombo Stock Exchange, with an objective of strengthening its presence in the solar power space. In addition to the already operating rooftop power plants at the premises of Diamond Cutters Ltd and the Trendy Connections (Pvt) Ltd, Vidullanka intends to utilise the rights issue proceeds to further develop several more rooftop and ground-mounted power plants that are in pipeline.
The company also disclosed about an initiative to amalgamate Walagamba Balashakthi (Pvt) Ltd, a fully owned subsidiary with the Vidullanka PLC, which is the first step toward streamlining the operations of its hydro power segment. The amalgamation is subject to shareholder approval at a general meeting.
Despite the operational challenges due to COVID-19, Vidullanka PLC was successful in achieving the highest annual capacity addition during the financial year 2020/21 while ensuring the safety and well-being of its employees along with smooth operations at the power plants. The group reported a Profit After Tax of Rs. 503.9 million for the first nine months of the financial year.
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