The VPower Group in a stock exchange filing on April 4 stated that the company has entered into a power purchase agreement with the Ceylon Electricity Board (CEB).
The filing notes, ‘the Group (VPower) is awarded to build and operate two fast - track power stations for the project with an aggregate installed capacity of 54.9 MW and an expected commencement of operation date by the end of April.’
The agreement is under an Investment, Build, and Operate (IBO) model. VPowers Annual report notes ‘Asian countries continued to experience strong growth in power demand and huge power deficit. Given the challenge in accessing capital for construction of large scale power plants, our lower capital required, flexible, fast-track Distributed Power Generation solutions continue to play a key role in bridging the demand and supply gap in these countries.’
VPower’s headquarters is in Hong Kong and the company is registered in the Cayman Islands.
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