Orient Green Power Company Ltd has announced sale of stake in M/s. Powergen Lanka (Pvt) Ltd., Sri Lanka. Powergen is the holder of a Power Purchase Agreement dated December 22, 2009 with the Ceylon Electricity Board (CEB) for operating and supplying power to CEB upto 10.5 MW wind energy project in Puttalam, Sri Lanka.
The company with a view to concentrate on fast emerging renewable business in India, decided to exit the small wind projects overseas and accordingly have decided to offload its 90% stake in Powergen. Windforce Private Limited, Colombo approached Orient Green Power to purchase the 90% stake of Powergen held by the company and also 10% stake held by other minority shareholders.
The company’s board meeting approved the proposal and signed the share sale and purchase agreement on July 16, 2012. The sale has been completed on July 19, 2012. With this divestment, Powergen has ceased to be a subsidiary of Orient Green Power Limited.