Vidullanka PLC, a pioneer in the renewable energy industry in Sri Lanka, yesterday said it has won a bid for an engineering, procurement and construction (EPC) contract from the Republic of Guyana, to build two mini hydropower plants, with a total capacity of 2.2 MW.
The contract undertaken from the Guyana Energy Authority is valued at approximately US $ 12.8 million and it is funded by a multilateral development bank.
Vidullanka PLC stands out as the first listed renewable energy company in Sri Lanka to engage in an overseas EPC contract. Vidullanka’s entry into overseas renewable energy EPC market marks an important milestone for the listed renewable energy companies in the stock exchange.
Vidullanka’s entry into the EPC space internationally comes after gaining years of experience in developing its own power plants in Sri Lanka, starting with Batathota MHPP in 2007. The company has so far developed 10 mini hydropower plants in Sri Lanka and two in Uganda, with its own engineering arm.
As per the latest interim financials for the six months ended on September 30, 2022, published in the Colombo Stock Exchange, the group disclosed that over 65 percent of the Rs.1.78 billion revenue of the company is brought in by its overseas operations.
This is also reflected in the profits, as the overseas segments contributed Rs.531 million to the company’s profit after tax, prior to the group adjustments.
Given the unique composition of the company among the industry peers, with overseas income accounting for the largest share of revenue and profits, the company stands resilient against the challenges posted by the CEB payment delays and increased costs of local funds.
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