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WindForce partners with Vidullanka and HiEnergy to add 10MW solar energy to national grid

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WindForce Limited, the latest company to list on the Colombo Stock Exchange, acquired Solar Universe (Pvt) Ltd., which has won a tender to develop a 10MW solar power plant in Vavunathivu.

Solar Universe is owned in conjunction with Vidullanka PLC and HiEnergy Services (Pvt) Ltd., where each of the three shareholders own an equal stake of 33.33%.This latest project will add 10MW Solar PV to the national grid, contributing to 19.70 GWh of power annually, equivalent to 4.9 million liters of oil saved. The estimated cost for the project is Rs. 1.4bn, which will be funded equally by the three shareholders.

WindForce debuted their IPO in March and was oversubscribed almost immediately, receiving applications worth Rs. 26.7 Bn, 7.9 times the offering. The largest IPO on the Colombo Stock Exchange since 2011, WindForce has reserved part of the proceeds for new projects and will use a part for this project.

WindForce is the only energy company in Sri Lanka to have received a AA- (stable) issuer rating by ICRA, the highest rating given to a corporate in Sri Lanka at the time of the issuance. WindForce, alongside HiEnergy and Vidullanka, will use its engineering expertise to design and management of the new power plant, which it hopes to commence construction in Q3 2021.

Sri Lanka’s largest producer of renewable energy, WindForce currently owns and operates 27 power plants both locally and internationally. With the addition of Solar Universe in the portfolio, WindForce’s current installed capacity will be increased to 228MW. The company has been able to effectively grow thanks to its technical expertise and careful selection of energy sources, locations, and tight control over operations and maintenance.



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INSEE Ecocycle to provide waste management solutions for Galle Analytical Lab

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Signatories to the agreement were Mrs. Dharshani Lahandapura, Chairperson and Dr. P.B. Terney Pradeep Kumara, General Manager, MEPA and Sanjeewa Chulakumara, Director of INSEE Ecocycle Lanka (Private) Limited together with senior officials from both organisations

INSEE Ecocycle, the nation’s pioneer in sustainable waste management has joined hands with the Marine Environment Protection Authority (MEPA), the apex body established to prevent, control and manage pollution in Sri Lanka’s marine environment, to provide Sustainable Integrated Waste Management Solution for the MEPA’s Galle analytical laboratory recently.

Prior to the agreement, no sustainable solution for analytical laboratory waste and chemical waste existed in the country. This hazardous waste was accumulated at laboratory premises or due to misconduct, was discharged into the open environment such as drains, soil or natural water streams etc. As a result, possible environmental impacts such as soil acidification or soil alkalization, eradication of aquatic plants and animals, possible ground water contamination, acid rains and ozone depletion could have taken place.

Similarly devastating human health impact such as skin cancers, liver damage, blindness, neurological disorders, adverse pregnancy outcomes and bioaccumulation were also a possibility.

Commenting on the agreement Sanjeewa Chulakumara noted, “INSEE Ecocycle is proud to partner with MEPA for analytical laboratory waste management and we highly appreciate the commitment and the passion of the senior management of MEPA for this collaborative sustainable initiative, which is a great example to other government institutions in the country as well.”

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94% of consumers in APAC considering the use of emerging payment methods: study

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As a result of the pandemic, enthusiasm for a broader range of payment technologies has accelerated in the Asia Pacific region as 94% of people say they will consider using at least one emerging payment method, such as QR codes, digital or mobile wallets, installment plans, cryptocurrencies, biometrics and others, in the coming year. This is according to the Mastercard New Payments Index conducted across 18 markets globally, including India, Australia and Thailand, which reveals that 84% of consumers in APAC already have access to more ways to pay compared to one year ago. Of note for entrepreneurs, 74% of respondents said that they would shop at small businesses with greater frequency if they offered additional payment options.

“Mastercard’s study finds that people in the Asia Pacific region haven’t just adopted new payment technologies—they’ve made deliberate shifts based partly on necessity, but also on considerations around personal safety, security and convenience, at a time when these concerns were paramount,” said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard. “Consumers in Asia Pacific have already gained recognition globally for their openness to new technologies and innovation, and these findings confirm that this trend is only set to continue as more digital payment options rapidly become mainstream in this part of the world.”

About Mastercard (NYSE: MA), www.mastercard.comMastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

 

 

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ASPI skyrockets to reach 3 ½ weeks high

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Turnover recorded at a healthy level at Rs. 2.7bn

Bourse premiered the week shooting the index remarkably high to reach a 3 ½ weeks top. ASPI displayed a stepped upward trend and surged in the first hour of trading followed by a sideways movement during mid-day and ended with a gradual uptrend to close at 7,350 gaining 122 points.

Turnover was recorded at a healthy level at LKR 2.7Bn powered by the active retail participation. Food, Beverage & Tobacco sector dominated the turnover closely followed by the Capital Goods sector to generate a joint contribution of 50%. Foreign investors remained net sellers while recording low participation.

-First Capital Research

 

 

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