Vidullanka commissions 2MW ground mounted solar power plant in Horana

Vidullanka PLC last Friday officially commissioned a 2MW ground mounted solar plant in Horana through its fully owned subsidiary Horana Solar Power (Pvt) Ltd, the company announced in a stock market filing.
Minister of Power and energy Kanchana Wijesekera and State Minister of Power and Energy Indika Anruddha declared open the ground mounted solar power plant which is connected to the national grid.

This project was awarded as a part of 150MW AC PV solar tender floated by the Ceylon Electricity Board (CEB) and this was the first among 23 projects to be implemented as part of the tender.  
Vidullanka has entered into a 20-year power purchase agreement (PPA) with the CEB.
The Power plant, which was built with an estimated cost of US$ 1.6 million is adding 4.4GWh in annual energy generated to the national grid. 

In May 2021, Vidullanka raised additional capital of Rs.253 million with the objective of financing  several solar projects including the ground mounted solar power plant in Hoarana.
In recent years, Vidullanka has been focusing its efforts and resources on the solar power segment, with an aim to further diversify its plant portfolio. The solar unit of the company suffered losses to the tune of Rs.16 million in the last financial year, after reporting a profit of Rs.19 million for the previous year.

Horana plant also became the third ground mounted solar plant to come into operations under Vidullanka’s portfolio. Last October, Vidulanka in a joint venture with Windforce PLC and HiEnergy Services Ltd commissioned 10MW ground mounted solar plant with a total investment of Rs. 2.4 billion.
Vidullanka reported a 5 percent Year-on-Year (YoY) increase in profit after tax (PAT) to Rs.913 million for the financial year ended March 31, 2023. During the FY, the company’s revenue rose by 49 percent YoY to Rs.3.83 billion.