Vallibel Power Erathna PLC
TypePublic
CSE: VPEL.N0000
ISINLK0352N00001
Industry
FoundedNovember 7, 2001 (2001-11-07)
Headquarters
Colombo
,
Sri Lanka
Key people
  • Harsha Amarasekera (Chairman)
  • Russell De Zilva (Joint CEO)
  • A. K. Dheerasinghe (Joint CEO)
RevenueDecrease LKR1,123 million (2023)
Decrease LKR833 million (2023)
Decrease LKR655 million (2023)
Total assetsIncrease LKR3,751 million (2023)
Total equityIncrease LKR3,348 million (2023)
Owners
Number of employees
93 (2023)
SubsidiariesCountry Energy (Pvt) Ltd
Websitevallibel-hydro.com
Footnotes / references
[1]

Vallibel Power Erathna PLC is a renewable energy company in Sri Lanka. The company operates three small hydropower projects. The company was incorporated in 2001 and in 2006, the company was listed on the Colombo Stock Exchange. Vallibel Power Erathna won the special honoree award in Forbes Asia's Best Under a Billion awards in 2015. Two projects of the company were eligible for the United Nations' Clean Development Mechanism.

History

Erathna powerhouse is operational since 2004

The company was incorporated in 2001 as Zyrex Power Company Erathna Ltd and commenced the construction of the Erathna Mini Hydro Power Project.[2] Erathna project commenced on 2004 and the company name changed to Power Company Erathna Ltd. The company adopted its current name a year later. In 2006, the company went public and was listed on the Colombo Stock Exchange. Vallibel Power acquired f Country Energy (Pvt) Ltd in 2009 and the construction of Denawaka Ganga Mini Hydro Power Project and Kiriwaneliya Mini Hydro Power Project began in the same year.[1] These projects started off the commercial operations in 2012.[3]

Seychelles' President James Michel paid a visit to the Erathna power station on his state visit to Sri Lanka in 2012. A delegation of senior officials headed by the president wanted to study the energy generation strategy of Sri Lanka.[4] Under the United Nations Framework Convention on Climate Change, Denawaka Ganga and Kiriwaneliya projects were qualified for the Clean Development Mechanism.[5][6] In 2015, Vallibel Power Erathna was one of the four companies to win the special honoree award in Asia's Best Under a Billion award ceremony organised by Forbes Asia.[7]

Operations

The total installed capacity of the three power stations is 21.85 MW. Vallibel Power Erathna has been declared the winner of the Association of Chartered Certified Accountants (ACCA) Sri Lanka's sustainability reporting awards in the small and medium enterprise category.[8] The company entered into an agreement with the Ceylon Electricity Board for a power purchase agreement for the sale of electricity from the Erathna project. The agreement is valid until 2024 and extendable up to 2039.[2] The other two hydro projects also have standardised purchase power agreements with the Ceylon Electricity Board which will expire in 2026.[9]

Sri Lanka Insurance Corporation bought an 8 per cent stake in the company in 2020.[10] Harsha Amarasekera was appointed as the chairman of the company in June 2022 to fill the position vacated upon Dhammika Perera's resignation. Amarasekera is a President's Counsel and was sitting on the board of directors in several quoted companies in Sri Lanka.[11]

Hydroelectric power stations

Denawaka Ganga (transformers pictured) and Kiriwaneliya projects were qualified for the Clean Development Mechanism.
Power stationCapacity (MW)Location
Erathna9.9Kuruwita, Ratnapura District
Denawaka Ganga7.2Malwala, Rathnapura District
Kiriwaneliya4.65Norton Bridge, Nuwara Eliya District

Source: Annual Report 2022/23[1]

See also

References

  1. 1 2 3 "Annual Report 2022/23" (PDF). cse.lk. Vallibel Power Erathna PLC. Retrieved 18 June 2023.
  2. 1 2 "Vallibel Power enters into a Power Purchase Agreement with CEB". adaderana.lk. Ada Derana. 23 July 2020. Retrieved 16 July 2022.
  3. ↑ "Vallibel Power completes 7.2MW mini hydro project". Daily Mirror. Wijeya Newspapers. 23 Feb 2012. Retrieved 17 July 2022 – via PressReader.
  4. ↑ "High Powered Seychelles delegation briefed on Vallibel mini hydro power plant". Daily FT. Wijeya Newspapers. 28 August 2012. Retrieved 17 July 2022.
  5. ↑ "Kiriwaneliya Mini Hydro Power Project". unfccc.int. United Nations Framework Convention on Climate Change. Retrieved 17 July 2022.
  6. ↑ "Denawaka Ganga Mini Hydro Power Project". unfccc.int. United Nations Framework Convention on Climate Change. Retrieved 17 July 2022.
  7. ↑ "Forbes Asia Best Under A Billion Award Ceremony and Dinner" (PDF). Forbes Asia Best Under A Billion. Forbes Asia. Retrieved 16 July 2022.
  8. ↑ "John Keells Holdings bags ACCA Sustainability Reporting Awards". Daily News. Associated Newspapers of Ceylon Limited. 26 March 2020. Retrieved 17 July 2022.
  9. ↑ "Vallibel Power Erathna's first plant in Kuruwita signs fresh PPA deal with CEB". Daily FT. Wijeya Newspapers. 24 July 2020. Retrieved 17 July 2022.
  10. ↑ "SLIC picks up 8% stake in Vallibel Power Erathna". Daily FT. Wijeya Newspapers. 6 November 2020. Retrieved 17 July 2022.
  11. ↑ "Amarasekera and Weerasinghe to head several listed firms of Dhammika Perera". dailymirror.lk. Wijeya Newspapers. 18 June 2022. Retrieved 16 July 2022.
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