Japan Invests on Kosgulana Mini Hydro Power Plant
Kosgulana Hydro Company (Pvt) Ltd signed an agreement with the Board of Investment of Sri Lanka to set up a Mini Hydro Power plant. Dr Lakshman Jayaweera, Chairman of the BOI signed the agreement on behalf of the BOI and Watanabe Satoru, Chairman and Mohamed Azam Koya, Director of the company have signed the agreement on behalf of the company.
The wire site of the 1.5 MW project is located on Kukule Ganga in Kosgulana village in the Ayagama Divisional Secretariat in the Ratnapura District. The project’s estimated investment will be around LKR 475 Million.
Watanabe, who has considerable experience in solar energy in Japan, saw the potential for Mini Hydro power plant in Sri Lanka. Furthermore, Watanabe had made his decision to invest in Sri Lanka following the recent State visit to Japan by President Mahinda Rajapaksa. The Sri Lankan President had invited Japanese entrepreneurs to invest in the Island.
In addition, Watanabe had also decided to invest in Sri Lanka to support a country which had helped the Japanese victims of the 2009 Tsunami. He wanted to express his gratitude for this gesture.
The Power plant will commence construction shortly and is expected to be completed soon. The mini Hydro plant will provide electricity to the National Grid.
Lakshma Yapa Abeywardana, Minister of Investment Promotion formally presented the investors with the BOI Certificate of Registrations at the Ministry of Investment Promotion.
The Sri Lankan Government is giving high priority to developing its remaining hydro-power resources in the island to reduce dependence on costly fuel imports as well as for their potential to earn carbon credits in the initiative to reduce the effects of global warming. Private sector developers are being encouraged to launch mini hydro power projects under an ambitious plan of the Ceylon Electricity Board,