Business
WindForce to add 25 MW of green power to national grid
Move expected to stop burning of more than 10 million litres of fossil fuel annually
WindForce PLC, the largest renewable energy developer in Sri Lanka has launched the initial construction work of its 15MW Hiruras Wind Power Plant in Mannar and 10MW solar power plant in Vavunathivu. WindForce will thereby add an output of 25 MW to the national grid this year, saving more than 10 million litres of fuel used annually to generate an equivalent amount of power. The move will help reduce the outflow of foreign currency in tandem.
Meanwhile, the company has released its 3Q results for the nine months ending 31st December 2021.
In the 3rd Quarter 2021/22 financial results, the Group recorded a consolidated revenue of LKR 3.6 bn, with Profit After Tax posting an increase of 4% to LKR 2.05 bn from LKR 1.97 bn YoY. WindForce, which debuted on the Colombo Stock Exchange in April 2021, has since declared an unprecedented dividend payout of LKR 1.76 bn.
It was one of the first companies in Sri Lanka to enter solar power generation. It saw its foresight reap results when the solar sector posted a significant growth of 22% in the comparable nine months. This was due to notable contributions by the newly commissioned Tororo Solar Plant in Uganda in August 2020 and the newly acquired rooftop solar plant, Sky Solar (Pvt) Limited in September 2021.
The company saw an impressive volume increase of 28% in hydro power generation which is reflected in the YoY revenue growth of 25%. The consistently high rainfall experienced in catchment areas augmented a commendable performance by the Terraqua International, Energy Reclamation, HPD Power and Peak Power Delta plants which all benefited from the favourable weather conditions.
The wind sector recorded a higher output generation compared to last year but with daily life and power generation entering a second tier in operation and a drop in tariff rate, a 10% revenue decline in the nine months period was observed.
WindForce which was named the Fastest Growing Renewable Energy Company in Sri Lanka 2021 by GBO, is adding a pioneering initiative into its newly acquired Solar Universe which is a tri- party deal with Vidullanka PLC and HiEnergy Services (Pvt) Limited.
In its bid to introduce global best practices in sustainable energy to Sri Lanka, WindForce is initiating a pilot Agrivoltaic Plant infusing Agrovioltaic technology which has the potential to add significant benefits for farmers, especially in mitigating climate risks and global warming impacts.
Agrivoltaic systems place solar panels above agricultural crops, and provides a good balance between the use of arable land and production of solar power.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
