Hong Kong listed VPower Group International Holdings Limited (VPower Group), a leading DPG station owner and operator in Asia, announced today (24 February) that the Group has entered into a power purchase agreement for two power projects with an aggregate planned installed capacity of 38.8MW in Sri Lanka recently. Together with the 54.9MW installed capacity of the renewed projects, VPower Group’s total installed capacity in the country will reach close to 100MW.
“We entered into the power market in Sri Lanka in April 2019 with our fast-track distributed power solutions to alleviate local power shortage. This is our second success in a year’s time which not only highlights our capability and expertise in the power industry, but also underscores the advantages of distributed power generation. We will continue to strive to support local people’s desire for more reliable and stable electricity.” said Mr. Earnest Cheung, Chief Commercial Officer of VPower Group. It is expected the power stations will commence commercial operation by the end of March 2020.
According to Asian Development Bank, Sri Lanka is entering into a new stage of development and, within a few years, will be ready to reach upper-middle-income status. Supported by the growing gross domestic product and improving living standard of the local people, it is expected that the electricity demand in Sri Lanka will continue to increase.