Two thermal power plants belonging to Aiken Spence PLC have been put up for sale following the lapse of the power purchase agreements they had with Ceylon Electricity Board.
The two power plants, each with 24MW capacity located in Matara and Horana, were lying idle since March and December, 2012, respectively.
“Aitken Spence PLC is pleased to invite proposals from interested parties for the outright purchase of the two plants described here,” the company said in its website.
According to Aitken Spence, the plants were constructed by Wartsila Finland Oy, under an Engineering, Procurement and Construction (EPC) turnkey contract and all material and equipment were sourced from Europe.
Aitken Spence Power took over the operation and maintenance responsibility of the plants from Wartsila Finland Oy, three years after the date of commercial operations. Both power plants run on heavy fuel oil.
Aitken Spence also operates a 100MW thermal power plant, Ace Power Embilipitiya, and its power purchase agreement with the CEB is set to expire in 2015.
Aitken Spence is believed to be exploring the possibilities of setting up two thermal power plants in Bangladesh with a combined capacity of 200 MW for which timelines are yet to be finalized.
The power sector constitutes a substantial portion of Atiken Spence’s profitability.