18 October 2016 12:05 am
Subsequent to the change in ownership, which occurred this July, Browns Hydro Power PLC has changed its name to Lotus Hydro Power PLC.
Lotus Renewable Energy (Private) Limited acquired 72.13 percent of the shares in the now renamed Lotus Hydro Power PLC from the LOLC group subsidiary Browns Capital PLC in July. Following a mandatory offer that is required under the Takeovers and Mergers Code, Lotus Renewable Energy increased its shareholding to 73.66 percent.
Based in Padukka, Lotus Renewable Energy was incorporated in February 2016. In the midst of a drought suppressing hydropower production and occasional interruptions in the supply of power from the Norochcholai Coal Power Plant, which the country depends on to supply its base demand, the country is heading towards a major power crisis in 2018. The government has fast-tracked the construction of state-owned power plants to avoid the situation but is hoping that over a third of the new supply by 2018 would come from the private sector.