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Publish Date : 16-Oct-2013

Kosgulana Hydro Company (Pvt) Ltd has entered into an agreement with the Board of Investment of Sri Lanka to establish a Mini Hydro Power plant. Dr Lakshman Jayaweera, Chairman of the BOI signed the agreement for the BOI and Watanabe Satoru, Chairman and Mohamed Azam Koya, Director of the company signed the agreement for the company.

The wire site of the 1.5 MW project is situated on Kukule Ganga in Kosgulana village in the Ayagama Divisional Secretariat in the Ratnapura District. The project's estimated investment will be about LKR 475 Million.

Watanabe has vast experience in solar energy in Japan. He saw the potential for Mini Hydro power plant in Sri Lanka. Watanabe had made his decision to invest in Sri Lanka after the recent State visit to Japan by President Mahinda Rajapaksa. The Sri Lankan President had invited Japanese entrepreneurs to invest in the Island. Additionally, Watanabe had also decided to invest in Sri Lanka to support a country helped the Japanese victims of the 2009 Tsunami. He wanted to express his gratitude for this gesture.

The power plant will start construction soon and will be concluded soon. The mini Hydro plant will offer electricity to the national grid.

Lakshma Yapa Abeywardana, Minister of Investment Promotion formally presented the investors with the BOI Certificate of Registrations at the Ministry of Investment Promotion. The Sri Lankan government gives high priority to developing its remaining hydro-power resources in the island to decrease dependence on costly fuel imports and for their potential to earn carbon credits in the initiative to decrease the effects of global warming.

Private sector developers are being encouraged to launch mini hydro power projects under an aspiring plan of the Ceylon Electricity Board.

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