Signs share sale and purchase agreement to acquire 92.5% of Fairway Waste Management
The plant will convert 500 MT of waste to energy daily to generate 10 MW of electricity to the national grid.
Sri Lanka’s largest publicly listed power company WindForce Ltd. aims to fast-track the development of the Karadiyana Waste to Energy Power Plant, having signed a share sale and purchase agreement with Fairway Holdings Ltd. With this agreement, WindForce acquires a controlling stake of 92.5% in Fairway Waste Management Ltd.
Renowned for introducing breakthrough technology to Sri Lanka’s renewable energy industry, the Karadiyana Plant will reflect that cutting edge prowess with a 400 metric ton per day incinerator plant and a 100 metric ton per day anaerobic digestor, together generating 10MW of electricity to the National Grid.
The plant, located just 15 km away from central Colombo, can accommodate a total of 500 metric tons of input daily, which will be a significant contribution to manage the 7,000 metric tons of daily waste being accumulated in Sri Lanka, of which 60% is from the Western Province alone.
Once commissioned, the anaerobic digestion plant will produce biogas through the input of organic waste, while the incineration plant will generate high pressure steam to operate a steam turbine.
Waste management continues to be a massive challenge for Sri Lanka, with waste accumulation in landfills getting a negative spotlight when the Meethotamulla 300-foot-high landfill collapsed in April 2017, killing 32 and affecting 1,765.
Mitigating catastrophic disasters like these are an imperative, while also keeping the country’s carbon footprint at a minimum. Adding the dynamics of limited space and value of life into the equation, innovation is key to managing climate disasters which in turn impact humanity.
Waste to energy plants will reduce landfills, conserve fossil fuels, and provide sustainable solutions that are not just environmentally friendly, but will also be the panacea for the continuation of life on earth.
Akbar Brothers (Pvt) Ltd, Hirdaramani (Pvt) Ltd and Debug Investments (Pvt) Ltd are the promoters of the company and with strong relationships in over 15 markets will see WindForce leveraging access into new overseas renewable energy opportunities. WindForce Ltd. is renowned for introducing breakthrough technology into Sri Lanka’s renewable energy industry, and these plants are well aligned with their sustainability ethos of creating a cleaner and safer Sri Lanka.
WindForce is renowned for introducing breakthrough technology into Sri Lanka’s renewable energy industry, and these plants are well aligned with its sustainability ethos of creating a cleaner and safer Sri Lanka.