Way Ganga Hydro Power Project

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In 2001, Ceylon Electricity Board (CEB) approved the development of an 8.4 MW mini hydro project in Ratnapura district (Sabaragamuwa province, Sri Lanka) by Didul Private Limited (DPL) on build-own-operate (BOO) basis. By December 2002, DPL obtained all the necessary approvals from the various government agencies to develop this “run of river” mini hydro project that utilized the water flow of river Way Ganga. In 2002, DPL entered into a long term power purchase agreement with CEB for the sale of all its power. DPL, a special purpose company, was fully owned unit of Vallibel Holdings, a local equity fund owned and run by Sri Lankan entrepreneur Mr. Dhammika Perera. The total cost of this mini hydro project was estimated at US$ 8.0 million. The project reached financial closure in October 2002 with a debt equity ratio of 3:1. Construction on the project began in 2002. Commercial operations commenced in July 2004. None None