Laugfs Power, a wholly-owned subsidiary of Laugfs Power Gas PLC, has acquired Pams Power for Rs.200 million.
It will to set up a 2 megawatt mini hydro power plant in Ginigathhena in the Nuwara Eliya district.
The plant, expected to be commissioned in early 2017 with a total investment of Rs. 500 million, will add 7.18 GWh to the national grid annually upon completion.
Laugfs' investment in Pams Power aims to further strengthen its expansion plans in the power and energy sector with renewable and sustainable energy solutions.
"There is a tremendous potential for developing renewable energy sources in Sri Lanka. As a conglomerate with deep Sri Lankan roots we firmly believe in investing in green energy solutions to build a secure future for our next generations," Laugfs Group Managing Director Thilak De Silva said. "We will continue to invest in this area as part of our commitment to securing our country's energy future," he said. www.dailynews.lk