Browns Capital acquires Saga Solar Power controlling stake

30 October 2015 05:19 am - 0 - {{hitsCtrl.values.hits}}

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Browns Capital PLC announced that it has purchased a controlling stake of Saga Solar Power (Pvt) Ltd for Rs.407.06 million.
Browns Capital has purchased 38.70 million shares in Saga Solar Power, amounting to a 50.1 percent ownership.
Saga Solar Power operates the 10 Megawatt solar power project in Buruthakanda, Hambantota.

The construction started in 2010 and was completed this year at a cost of US$ 18 million, 70 percent of which was funded through an IFC loan. The project covering 45 acres, falls under the Ministry of Power and Energy’s Sustainable Energy Authority.
According to Industrial Solutions Lanka (Pvt) Ltd Managing Director Anura Vidanagamage, whose company was involved with the project, the annual revenue from the project will be Rs.439 million, with an internal rate of return of 15.34 percent.
According to him, the electricity tariff from the project is Rs.23.10 per unit.

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Browns Capital acquires Saga Solar Power controlling stake

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