The Shriram Group will organize its wind power production facilities in Sri Lanka through Orient Green Power.
The Chennai- based company has signed its final agreement with the board of investments in Sri Lanka during early part of this month and this agreement will enable to the company to avail tax concessions and other related incentives.
According to T.Shivaraman, CEO and Managing Director of Orient Green Power, the company has acquired 87 per cent of the shares in Power Lanka, a newly formed wind power company, while the balance of shares is held by its local partner.
The company is planning to start the 10.5 MW wind power project at Puttankulam, a key wind power location with a prime load factor of more than 28 per cent.
The company has signed a power purchase agreement with Sri Lankan Government for a period of 20 years. Since the company does not subsidize its clean energy productions the produced energy can be sold at market price. The wind turbines required for the project will be supplied by Shriram Leitner, another company within the group. The company also has plans to start another 100 MW wind farm in the coming years in Sri Lanka.
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