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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Hemas mulls offshore expansion in power

Hemas mulls offshore expansion in power

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1Hemas mulls offshore expansion in power Empty Hemas mulls offshore expansion in power Sun Jun 10, 2012 8:42 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The power sector of diversified conglomerate, Hemas Holdings Plc is currently exploring opportunities in East Africa for hydropower development in addition to expanding capacity in Sri Lanka. The group is expected to commence the development of its first biomass power project with a capacity of 3MWs in the southern part of the country this year.

“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.

Source: http://www.nation.lk/edition/biz-news/item/6967-hemas-mulls-offshore-expansion-in-power.html

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?

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