The Rs 1.2 billion initial public offering (IPO) of LVL Energy Fund, a subsidiary of Lanka Ventures, was oversubscribed yesterday.
This was one of the largest IPOs to be launched in Sri Lanka since 2015. The funds would be utilized for the company’s expansion into the renewable energy sector.
LVL Energy Fund has investments in six operating local hydropower plants in Belihuloya, Aranayake, Ginigathhena, Galle, Norton Bridge and Bogawantalawa.
The company also has investments in two operating wind power plants based in the Kalpitiya peninsula in the Puttalam district.
More recently, LVL Energy Fund also invested in two thermal power projects in Rajshahi and Comilla, in Bangladesh.
LVL Energy Fund will be the island’s only listed entity that possesses investments in thermal energy as well as two key renewable energy sources - hydro and wind energy.
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