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| Sunday, 16 May 2004 |
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| News Business Features Editorial
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HISL to harness solar energy in joint venture with Suryavahini By Hiran H.Senewiratne Hayleys Industrial Solutions Ltd (HISL), a member of the Hayleys Group has signed an agreement for a joint venture with Sri Lanka's pioneering providers of solar electricity, Suryavahini (Pvt) Ltd (SPL), recently. "We are keen to enter into the solar electricity business recognizing the significant social and economic benefits in rural areas of the country and future growth potential," Chairman, Hayleys Group Sunil Mendis said. Collaboration with an industrial giant such as Hayleys would, enable the push of the solar business in the country in a big way, SPL Founder Chairman Pradip Jayewardena said. He said that the company has invested Rs 50 million to develop retail and service infrastructure and to increase the working capital for this purpose. The Government of Sri Lanka supports the solar electrification through the Renewable Energy for Rural Economic Development (RERED) project, which the solar program now sees as one of the most successful in the world and complements the national grid extension to rural areas, Jayewardena said. This joint venture would enable the speeding up of the country's rural electrification progrmae for thousands of rural households especially in farmer community. This would also provide a number of job opportunities for rural youth to establish franchise shops in rural areas, the Founder Chairman said. Currently, there are more than 2 million unelectrified households in the country of which 600,000 could afford to get electrified, Jayewardena said. "This is a business which has a large capacity and our plan was to create a strong rural market," Jeyewardena said. The company will also sell its products through the Hayleys sales network, and will push products to the North and East through authorised dealers, he added. At present there are 11 franchise shops operating throughout the country and it is expected to add nine more shops before the end of the year, Jeyewardena said. The company has tailormade products/units to suit any household, starting from Rs 29,500, to 72,000, he added According to UN reports Sri Lanka in the global leader in solar energy on a per capita basis with a turnover of US $ 9.7 million, it marketed through 115 rural outlets. The Industry as a whole was a 65 per cent growth which currently sold more than 20,000 units for a year. |
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