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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka micro hydropower program to set up 19 plants with ADB funds

Sri Lanka micro hydropower program to set up 19 plants with ADB funds

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Apr 29, Colombo: A project to rehabilitate and repair small scale hydropower generation plants in Sri Lanka's tea and rubber estates is underway with financial assistance from the Asian Development Bank.

Under the Estate Micro Hydro Rehabilitation and Re-Powering Project (EMRRP), which is funded by the Asian Development Bank (ADB), Sri Lanka's National Development Bank (NDB) will use a US$ 1.29 million credit line from the ADB to fully finance private companies to restart small scale hydropower plants.

Several private companies have come forward to construct 19 power plants on private tea and rubber estates in Badulla, Kandy, Kegalle, Matale, Nuwara, Eliya and Ratnapura districts.

Five such mini hydropower plants have already been constructed in Panwila area of Kandy district.

The 19 mini hydropower projects will add an estimated 1.3 MW of combined capacity to the national grid.

The NDB will grants funds to private companies to finance up to 100 percent of the total estimated costs for restarting the small hydropower sites.

The loans carry a concessionary rate of five years, including a maximum grace period of up to one year.
http://www.colombopage.com/archive_13A/Apr29_1367245417JV.php

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