HNB arranges funding for Wind Force’s 10 MW solar power project in Vavuniya

The Project Finance Team of HNB’s Corporate Banking Division congratulated the success of Wind Force (Pvt) Ltd on completion of their 10 MW solar power project in Vavuniya under the name of Vydexa (Lanka) Power Corporation (Pvt) Ltd. 

The significant achievement in this project is the record-breaking commissioning period of only 64 days. 

Majella Rodrigo, Head of Project Finance, stated that HNB as the largest private bank in Sri Lanka, is proud to be associated with Wind Force (Pvt) Ltd having multiple investments into renewable energy projects over the years and also to be the sole funding partner of this particular triumphant renewable solar power project. 

He also commented that this is the country’s fifth mega scale Solar Power Project to be commissioned to the national grid and HNB is pleased to be the financing partner in two of these significant projects. The Vydexa (Lanka) Power Corporation (Pvt) Ltd is also the second solar power project in Sri Lanka to utilize the most innovative technology, which uses the ‘Single Axis Tilting Facility’ to track the movement of the sun to optimize the positioning of solar panels.  Majella concluded by indicating that the HNB’s relentless commitment to develop and support solutions driven by green energy concept and green initiatives makes this project important to the bank. It is a clear indication of the HNB’s allegiance to projects of national interest.

Ruwan Manatunga, DGM Corporate Banking elaborated that HNB’s Corporate Banking Project Finance Division has supported over 30 large scale renewable power projects both locally and overseas amounting to a total capacity of over 110 MW. HNB has continuously been in the forefront in investing in its product depth and service proposition pertaining to renewable power sector in Sri Lanka varying from hydro, wind, solar, biomass and is now poised to further develop project investments in the space of ‘solid waste to power’ sector. HNB will continue to lead the market in providing innovative solutions to this vital area of investment and corporate clientele.

HNB’s project financing is a total service offering business ranging from origination and arrangement to underwriting and syndication of project related transactions The Project Financing team plays a lead role in providing financing solutions for the country’s infrastructure projects covering key development projects which includes manufacturing, water purification, healthcare, education, tourism, construction, highways and bridges etc. The team’s deep understanding of specialised market knowledge also enables it to support clients across all sectors. The ongoing ‘lending’ portfolio of the bank’s project financing business is well over Rs. 100 billion, a testament of the HNB’s commitment to support the country’s infrastructure and project finance transactions.