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Sri Lanka Equity Forum » Stock Market News » Mackwoods Energy mini hydro projects still delayed

Mackwoods Energy mini hydro projects still delayed

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Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Mackwoods Energy mini hydro projects still delayed



Sri Lankan energy firm Mackwoods Energy said it has clinched a deal to sell electricity from its Tudugala minihydro power plant to the national grid but still faced delays in getting approval for its other projects. 

A stock exchange filing said the company recently signed the Standard Power Purchase Agreement with the state utility, Ceylon Electricity Board, for the Tudugala minihydro project for the purchase of power by the grid.

The Tudugalla Mini Hydro Project was to have a capacity of 12 kilowatt. But Mackwoods Energy Chairman Chris Nonis has told shareholders that the Power Purchase Agreement with the CEB was for a lower capacity. 

The Mackwoods Energy stock exchange filing said timelines for implementing its remaining minihydro power projects, which are awaiting grid connectivity approval prior to the issue of Letters of Intent, have been extended.

This was owing to delays in the approval process, transmission line and grid availability issues and policy and administrative changes, Mackwoods Energy said. 

“The company is making every effort to expedite during the next year the approvals for the remaining minihydro projects, which are a key aspect of its diversification into the renewable energy sector in line with the stated objectives of the company.”

Pending approval of its remaining mini hydros, the company still has to do site inspections, surveys and negotiate with funding agencies and potential investors, the statement said. 

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