Hatton National Bank as the lead arranger of a syndicated loan together with People’s Bank, DFCC and Bank of Ceylon signed loan agreements to finance the setting up of Western Power Company’s Waste to Energy (WtE) plant, the first of its kind in Sri Lanka. A subsidiary of Aitken Spence PLC, Western Power Company has scheduled the commission of the 10 mega watt facility by 2020, in Kerawalapitiya, Muthurajawela, that will consume all of Colombo Municipality’s solid garbage.
Designed to use 700 metric tons of municipal solid garbage on a daily basis, the company has already made arrangements with the Colombo Municipal Council (CMC) for collection. The syndicated facility arranged by HNB is for a total sum of Rs 9.0 billion with Bank of Ceylon, DFCC and People’s Bank joining in as co-lenders.
DGM Corporate Banking HNB Ruwan Manatunga signed the agreements on behalf of HNB, together with Head of Corporate Banking People’s Bank Aruni Goonetilleke, Executive Vice President / Chief Risk Officer DFCC Palitha Gamage and DGM Corporate Banking BOC Russel Fonseka, at HNB Towers recently.