Aitken Spence acquires Sagasolar Power for Rs. 1.4 bn | Daily News

Aitken Spence acquires Sagasolar Power for Rs. 1.4 bn

Aitken Spence PLC reiterates their commitment to local and global sustainable development goals by acquiring Sagasolar Power (Private) Ltd, from the major shareholder LOLC Group for Rs. 1.4 billion.

Moreover, it is in line with Sri Lanka’s power and energy strategy to increase power generation from the renewable energy sector.

This investment from Aitken Spence expands their portfolio in renewable energy in the pursuit of enabling access to clean energy and contributing positively towards rising energy demands and lowering our national carbon footprint.

The Solar project contributes 10MW to the national grid and is expected to generate approximately 18 million kWh annually.

This is the country’s first utility scale solar farm that extends to over 45 acres of leased land. “Amidst dire circumstances, this is yet another bold move and significant investment made by Aitken Spence that shows our commitment to expand the sustainable power generation portfolio with renewable energy projects. Solar power has the potential to play a key role in the renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and productive management of sustainable and affordable energy generation.” commented Aitken Spence MD Dr. Parakrama Dissanayake.

“This is our first major project in solar power generation, and our stringent management frameworks will extend to the newly acquired solar energy power plant to meet all necessary compliance requirements,” added Aitken Spence Power Segment MD Leel Wickremarachchi.

In addition to solar power, the company’s renewable energy portfolio includes waste to energy, hydro power and wind power. In 2021, the company launched Sri Lanka’s first municipal solid waste to energy power plant and acquired three mini hydro power plants.

Aitken Spence is also the first conglomerate from Sri Lanka to commit to the Science Based Targets initiative.


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