“We have already embarked on a Rs.750m project for a 3MW biomass power plant. Furthermore, the Sector is currently carrying out the groundwork for an offshore opportunity in East Africa for a 10MW mini hydro plant,” Hemas Chief Executive Husein Esufally disclosed at the release of the group’s 2011/12 Annual Report last week.
According to him, all the approvals required for the biomass project, its designs, technical specifications and the financing arrangements have been finalized.
“Taking stock of the country’s available opportunities, we find it is most opportune to align our growth strategy on the renewable energy side. We have earmarked several hydropower sites in the country with development potential,” the Management said in its commentary.
10 MW mini hydro plant would be a big investment. How are they going to raise funds for the proposed investment? Will HPWR go for a right issue?