3.10.2008
From Colombo News Desk

The Board of Investment (BOI) of Sri Lanka entered into agreements with Eagle Power and Ithopa Super Trust recently. The ventures are to establish small scale power projects and to undertake seed potato cultivation respectively.

Mr. Dhammika Perera, Chairman / Director General signed the agreements on behalf of the BOI and formally presented the BOI Certificate of Registrations to the investors.

The hydro power project carried out by Eagle Power (Private) Limited will set up three small scale power plants at Maduru Oya, Sudu Gaga and Kala Wewa. At the initial stage they will set up power plants at Maduru Oya Sluice, Drop 9 and Drop 10 to generate 7.7 megawatts of electricity. The project will also set up power plants at Sudu Ganga to generate 2.4 megawatts and Kalawewa to generate 1.2 megawatts of electricity to the National Grid.

Mr. Anurath Abeyratne, Chairman of Eagle Power stated "We have already commenced construction at Maduru Oya and expect to complete it within 14 months. The second phase which includes Sudu Ganga and Kalawewa projects will be completed within 3 years".

"If we complete the Maduru Oya project within the scheduled 14 month completion time, we will be the first private company to generate electricity using the Mahaweli waters" said Mr. Abeyratne.

The company will invest Rs 750 million, Rs 300 million and Rs. 150 million for the power plants at Maduru Oya, Sudu Ganga and Kala Wewa respectively.

"The company expects to commence similar projects at Minneriya, Udawalawe and Girithale" said Mr. Abeyratne.

Mr. Anurath Abeyratne (Chairman) and Mr. S Karunaratne (CEO) signed the agreement on behalf of Eagle Power (Private) Limited

The BOI also signed an agreement with Ithopa Super Trust to undertake seed potato cultivation. The project under Nipayum Sri Lanka 300 Enterprises Programme is an investment of Rs. 35 million. The venture will be established in Yatiyantota and will generate employment opportunities for a workforce of 125.