Amana Bank to finance Madugeta hydro project

Amana Bank MD and CEO Faizal Salieh presents the agreement to Vidullanka, MD Riyaz Sangani. Amana Bank Chief Operating Officer, Mohamed Azmeer; VP, Credit, Amrit CanagaRetna, Senior Customer Relations Manager, Sanjeewa Pieris and Vidullanka, Head of Finance, Mafaz Ansar and Business Development Manager, Hydro Division, Sandun Thalagala look on.

Amana Bank has partnered renewable energy provider Vidullanaka PLC to finance their latest Mini Hydro Power Project (MHPP) at Madugeta in the Galle district.

The signing ceremony took place recently at the Corporate Office of Amana Bank. Key officials of the Bank and Vidullanka were present. The Madugeta MHPP has a capacity of 2.5MW and is estimated to generate 10.16 GWh of power annually and will be connected to the National Grid by August 2013.

The project is a joint venture between Vidullanka and Esna Power (Pvt) Limited. Amana Bank, MD and CEO, Faizal Salieh said, “Generating alternate renewable energy, which is also environment friendly, is a critical need, and we appreciate Vidullanka’s contribution towards this.

Over the years the Bank has had a good relationship with Vidullanka and today we are taking this relationship a step further by assisting the Madugeta project as the sole financial provider based on our unique asset backed financing model. Amana Bank is committed towards assisting sustainable growth of our economy by financing infrastructure development and renewable energy projects such as this.”