Lotus Renewables announces plans to acquire Zyrex
Lotus Renewables, a subsidiary of the G&G group of companies, Singapore, has announced its planned acquisition of Zyrex, a mini hydro power generating company, close on the heels of the purchase of Browns Hydro Power last year.
Focusing on alternative green power sources, Lotus Renewables aims to diversify the energy supply in Sri Lanka and enable the shift away from fossil fuels.
This goal is in tandem with the country’s power generation policy, with Sri Lanka generating five percent of power needs through renewables in 2013, a share that is set to increase to 20 percent by 2030.
Lotus Renewables plans to invest Rs.20 billion to meet its objective.
“We are thrilled about this acquisition of Zyrex Power Co (Pvt.) Ltd, as it takes us and our country close to the goal of clean energy which is imperative when fossil fuel energy is increasingly a thing of the past in most of the developed world,” says Lotus Renewables Director Menaka Athukorala.
Lotus has also taken over 80 percent ownership of Hi Tech Power Systems (Pvt.) Ltd, another hydro power generating company based in Sri Lanka.
The company looks at hydro power as the lynchpin of renewable energy, and the acquisition of these two companies signals more hydro power company acquisitions in the future, as Lotus Renewables consolidates its renewables portfolio, Lotus Renewables Director Gowri Shankar said.
Lotus Renewables Chairman Gary Seaton envisions this incremental capture of the Sri Lankan power generation market as aiding the company in its goal of preserving the environment and decreasing dependency on high cost fuels, thereby making Sri Lanka a sustainable environment for future generations to live in as well.
He added that hydro power feasibility is made manageable due to small power plants which contribute to the national grid, without burdening the state which would be hamstrung looking for the resources to maintain such plants.
Lotus also specialises in the provision of solar power as an alternative energy source. A pioneer in renewables, Lotus has global expertise and in-depth experience in running any power plant efficiently by re-engineering and optimising the operational efficiencies of the plant. Its presence and operations in countries such as Singapore and other South Asian countries in deploying renewable energy technologies has enabled it gain the trust of mini hydro power generating companies in Sri Lanka.
“Renewable energy is a totally new sector of the energy economy and not everybody is aware of the nuanced nature of the solutions that are needed.
Lotus has that expertise. Renewables are a way of life with Lotus, and sustainability is not a project; it’s our credo,” Lotus Renewables Director Indrajit Fernando said.
Gary Seaton, Gowri Shankar, Dr. T. Senthilverl, Uditha Palihakkara, Indrajith Fernando, and Menaka Athukorala serve on the board of directors of Lotus Hydro Power PLC.