Sri Lanka’s Laugfs Gas Group to set up two floating solar energy plants as part of diversification programme
The Laugfs Gas Group of Sri Lanka has reportedly sought approval through its power subsidiary to set up two floating solar energy plants in a bid to expand and diversify its generation capacity.
Laugfs Power Limited (LPL), which is to be listed on the Colombo stock exchange, has a long-term strategy to achieve an overall generating capacity of 50 MW of solar, 20 MW of wind and 10 MW of mini hydro, the local media has reported.
According to reports, Laugfs Power Limited is to be listed on the ‘Diri Savi’ or second board of the Colombo Stock Exchange (CSE) and the company aims to list 335 million ordinary voting shares and 52 million non-voting shares.
Also, the move has been stated as part Laugfs Gas Ltd. Group’s efforts to focus on its core liquefied petroleum gas business by spinning off non-core units that include leisure and auto emission testing.
The listing documents filed with the stock exchange has reportedly stated that Laugfs Power has submitted a proposal to the government to obtain necessary approvals to set up two floating power projects of 10 MW each.
The proposals are at a preliminary stage of consideration by the government, the listing documents have further stated.
“LPL is also exploring the possibility of investing in renewable industry projects overseas, particularly in Bangladesh and in countries in Africa.”
OSL take:
The move by Sri Lanka’s Laugfs Gas group is indicative of the strength and growth of the country’s private sector. It is further indicative of the growing business potential in the country that could be exploited by local as well as foreign companies. Also, there’s a growth in business/investment opportunities in Sri Lanka’s power sector due to the looming power crisis in the country. The government of Sri Lanka while exploring emergency power purchases are also looking at more permanent sustainable energy generation solutions as well.
| Article Code : | VBS/AT/24102019/Z_6 |