WindForce to add 10MW solar energy to national grid together with Vidullanka and HiEnergy
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 LKR 1.4bn and will be funded equally between the three shareholders.
WindForce recently debuted their IPO in March and was oversubscribed almost immediately, receiving applications worth 26.7 Bn LKR, 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 portion for this project. WindForce is the only energy company in Sri Lanka to have received a AA- (stable) issuer rating by ICRA, which is 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.
Share investors worried over Wealth and Heritage tax
By Hiran H Senewiratne
CSE trading kicked off on a positive note yesterday but the momentum could not be sustained for long owing to investor worries that the government is planning domestic debt restructuring involving the imposition of a wealth and heritage tax on citizens, market sources said.
Amid those developments both indices moved downwards. The All -Share Price Index went down by 131 points and S and P SL-20 declined by 46.8 points. Turnover stood at Rs 3.4 billion with four crossings. Those crossings were reported in Agalawattte Plantations, which crossed 45.3 million shares to the tune of Rs 1.5 billion, its shares traded at Rs 35, CTC 420,000 shares crossed for Rs 269 million and its shares traded at Rs 640, Cargills 100,000 shares crossed to the tune of Rs 24.5 million; its shares traded at Rs 245 and Hayleys 300,000 shares crossed for Rs 24 million; its shares traded at Rs 80.
In the retail market top seven companies that mainly contributed to the turnover were, SLT Rs 234 million (two million shares traded), Hayleys RS 121 million (1.5 million shares traded), Lanka IOC Rs 106 million (115,000 shares traded), Softlogic Capital Rs 69 million (5.6 million shares traded), CTC Rs 65.3 million (101,000 shares traded), Sampath Bank RS 54.7 million (one million shares traded) and Commercial Bank RS 52.5 million (801,000 shares traded).During the day 164 million share volumes changed hands in 20000 transactions.
Brandix ‘RightToRead’ initiative gains momentum enriching Sri Lanka students and transforming learning
Inspired by the challenge to provide Sri Lankan children with better access to learning materials and the transformative power to read and comprehend English, Brandix launched the ‘RightToRead’ project in 2018 in collaboration with the Ministry of Education.
Accordingly, Brandix introduced the ‘ReadToMe’ English learning tool, created by English Helper – India, to improve reading and comprehension skills of Sri Lankan students. Last Monday, Julie Chung, the US Ambassador to Sri Lanka, visited Susamayawardhana Vidyalaya in Borella, to observe progress of the project and experience how children and educators in Sri Lanka engage with educational technology.
Brandix Lanka Limited, Director, Ajit Johnpillai, said: “Education is the most powerful tool to enrich communities and futures, and Brandix is committed to build a strong foundation for transformational learning for students across Sri Lanka. The progress we have made with RiteToRead over the past two years is promising, and the potential for change in the education sector harnessing such digital technologies is immeasurable. Brandix will continue its commitment to deliver Inspired Solutions for the people of Sri Lanka.”
Dialog TV Boosts Resilience and Capacity with Norsat Satellite Earth Station
Hytera, a leading global provider of professional communications technologies and solutions, is proud to announce the successful deployment of a new backup satellite station for Dialog TV, Sri Lanka’s No.1 satellite Pay TV service provider. The project was fulfilled in 2022 by Hytera and its subsidiary specialized in Satellite Communications (SatCom), Norsat International Inc. The new station enhances the resilience and capacity of Dialog TV’s existing system and ensures continuity of service in the event of damage due to natural disasters.
Dialog TV provides coverage over the entirety of Sri Lanka through the Intelsat 38 Ku-band satellite. As the business expanded, it opted for a backup solution to support its existing satellite station and to strengthen the network’s disaster tolerance.
Hytera and Norsat provided an end-to-end satellite earth station solution that includes the installation, integration, and setup of satellite antennas, a transmission and receiving system, a new network management system (NMS), and a carrier monitoring system (CMS). The NMS makes routine work easier and simpler for on-duty staff, as equipment status, parameter monitoring and configuration, and remote control of the devices can be viewed and accomplished via a single interface. The CMS monitors the carrier spectrum status of satellite signals in real-time and ensures stable signal transmission and receiving.
“We are excited to have been able to work with Dialog TV on this important project,” said Kevin Sun, Sales Director for Hytera South Asia, “Our ability to seamlessly integrate our new equipment and software with Dialog TV’s existing systems has helped to ensure a stable and reliable service for their millions of customers across Sri Lanka.”
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