Sri Lankan renewable energy generator raises Rs. 253 million via Rights Issue
Vidullanka PLC, which is a renewable energy developer in Sri Lanka, has reportedly recorded a successful completion in raising an additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.
The move also marks the issuance of non-voting shares of the company for the first time, according to local media reports.
The rights had traded from 19 May to 28 May following the shareholder approval at the Extraordinary General Meeting held on 5 May and the rights were traded in the range of Rs. 0.40 to Rs. 4 with the volume weighted average price of Rs. 1.60.
Vidullanka PLC operates a diversified operating power plant portfolio with an installed capacity of 36MW, comprised of hydro, dendro and solar power plants located in Sri Lanka as well as in Uganda and also enjoys a steady stream of projects in pipeline at various stage of pre-development, sourced though internal business development efforts as well as acquisitions, a Daily FT news report stated.
Vidullanka PLC’s ongoing endeavours in solar power include two ground mounted solar power plants with a total capacity of 3MW and a joint venture with Windforce Ltd. and HiEnergy Services Ltd. for the development of a 10MW solar power plant in eastern Sri Lanka. Additionally, the company is in the process of developing number of rooftop solar power plants in partnership with reliable industrial sector partners as roof owners, the news report has further stated.
According to reports, the company had continued to report excellent performance for the financial year 2020/21, with Profits after tax of Rs. 601 million and a total comprehensive income of Rs. 688 million while the overseas hydro segment had continued as the highest performing segment reaping benefits of Vidullanka PLC’s continued investment in renewable energy sources.
Sri Lanka’s commitment to develop renewable energy generation capacity in the country continues with great vigour. The government of Sri Lanka has expressed commitment to increase the ratio of renewable energy generation plants in the country. The looming power crisis in the country has further expanded the business/investment opportunities in Sri Lanka’s renewable energy generation sector. The success recorded by renewable energy generation companies in the country are testament to the growing business/investment opportunities in Sri Lanka’s power industry, especially the renewable energy generation sector.
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