Sri Lanka’s Laugfs Gas Group looks at expanding operations by setting up renewable energy plants overseas
The Laugfs Gas Group of Sri Lanka is reportedly looking at the possibility of setting up renewable energy plants in overseas locations.
Laugfs Gas Group Chairman W. K. H. Wegapitiya has made these observations during a news briefing in Colombo recently.
He has told the media that the company is the largest solar power generator supplying to the national grid.
Laugfs Gas is currently engaged in restructuring the company under which the core liquid petroleum gas business will be consolidated into one entity and non-core sectors spun off.
“Renewable energy is a business that’s highly profitable and difficult to enter,” Wegapitiya has been quoted as saying in the media.
“We operate the largest solar plant at Hambantota. We have a 20 year buy back agreement with the CEB. We have the highest rate.
”We are adding more plants in Sri Lanka and other Asian markets.”
According to Wegapitiya, the company was exploring renewable energy projects in other countries and that “talks are underway.”
The expansion of Sri Lankan based Laugfs Gas Group is a positive sign on the development of businesses in island nation. The growth shown by Laugfs sets an example of the possibility of expansion for other similar business entities. It is also an encouraging sign for foreign businesses/investors looking at partnering with local companies.
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