Diversified conglomerate Sunshine Holdings PLC (CSE: SUN) announced that SBI Ven Holdings (Pte) Limited, the overseas private equity firm of SBI Holdings Inc., has invested USD 2 million in Sunshine Energy (Pvt) Ltd (SEL) to propel Sunshine Holdings’ renewable energy production projects further.
The strategic investment offers SBI Ven Holdings a 30% stake in Sunshine Energy Ltd.
Sunshine Group began exploring the renewable energy sector in 2012 and today, Sunshine Energy Limited—a fully-owned subsidiary of the Group—has a 6.6 MW capacity through three mini-hydropower plants in the Lindula region.
The company’s quest towards green energy production gathered momentum in February 2019 when SEL installed its first rooftop solar PV systems in Kelaniya. With three rooftop solar projects in multiple locations, SEL contributes a combined capacity of 7.1 MW.
Sunshine renewable energy business sits squarely in the nation-building space, with the potential to contribute significantly towards the annual 6-7% increase in power demand. In the near future, Sunshine Group looks to increase their contribution to the national grid to 15MW while also exploring other forms of renewable energy, including wind and biogas project.
Sunshine Holdings Group Managing Director Vish Govindasamy said, “at a time where the investor confidence and sentiment have been greatly affected, SBI Ven Holdings’s investment on Sunshine Energy brings in vital foreign direct investments (FDI) to Sri Lanka when it is much needed in the market and the economy.
Not only this strategic investment paves a path for us to support the government’s vision of sourcing 100% renewable electricity by 2050, but it also validates our long term vision and investor-friendly corporate governance framework, helping us to build confidence and attract leading global equity firms like SBI Ven Holdings.”
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