Oct 15, Colombo: Japan-based Kosgulana Hydro Company has signed an agreement with Sri Lanka's investment promoter, the Board of Investment (BOI) to establish a new mini hydro power plant in the country.
The establishment of the1.5MW power plant is expected to cost US$ 3.6 million (Rs, 475 million).
It will be located along the Kukule Ganga (river) in Kosgulana village in the Ayagama Divisional Secretariat of Ratnapura District.
The Chairman of the Kosgulana Hydro Company Watanabe Satoru, who has considerable experience in solar energy in Japan, has seen the potential for Mini Hydro power plant in Sri Lanka and decided to invest in Sri Lanka following an invitation from the President Mahinda Rajapaksa to Japanese entrepreneurs made during his recent State visit to Japan to invest in the island.
Construction of the power plant is expected to begin soon and will provide electricity to the national grid upon completion.
With the project, the country aims to reduce its carbon emission footprint in order to decrease the effects of global warming.
Chairman of the BOI, Dr. Lakshman Jayaweera signed the agreement on behalf of the BOI and Chairman Watanabe Satoru, and Director of the firm Mohamed AzamKoya, signed the agreement on behalf of the company.