Aitken Spence acquires Sagasolar Power for Rs 1.4B

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Aitken Spence PLC reiterated their commitment to local and global sustainable development goals by acquiring Sagasolar Power (Private) Ltd, from the major shareholder LOLC Group for Rs. 1.4 billion.

This investment from Aitken Spence expands their portfolio in renewable energy in the pursuit of enabling access to clean energy and contributing positively to wards rising energy demands and lowering the national carbon footprint.

The Solar project contributes 10MW to the national grid and is expected to generate approximately 18 million kWh annually. This is the country’s first utility scale solar farm that extends to over 45 acres of leased land. The project was first commissioned in October 2016. The solar farm is located in Buruthakanda, Hambantota which has the highest recorded solar irradiation level in Sri Lanka.

“Amidst dire circumstances, this is yet another bold move and significant investment made by Aitken Spence, that shows our commitment to expand the sustainable power generation portfolio with renewable energy projects. Solar power has the potential to play a key role in the renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and productive management of sustainable and affordable energy generation,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.