Diversified conglomerate Sunshine Holdings PLC (CSE: SUN) has announced that SBI Ven Holdings (Pte) Limited, SBI Holdings Inc.’s foreign private equity firm, has invested USD 2 million in Sunshine Energy (Pvt) Ltd (SEL) to further propel renewable energy production initiatives by Sunshine Holdings.
The strategic investment provides SBI Ven Holdings with a 30 percent stake in Sunshine Energy Ltd. Sunshine Group started exploring the renewable energy industry in 2012 and today Sunshine Energy Limited, a Group’s wholly owned subsidiary, has a 6.6 MW capability through three mini-hydropower plants in the Lindula region.
In February 2019, when SEL installed its first rooftop solar PV systems in Kelaniya, the company’s search for green energy manufacturing gained momentum. SEL contributes a combined ability of 7.1 MW with three rooftop solar projects in various places.
Sunshine’s renewable energy company sits squarely in the nation-building room, with the ability to make a significant contribution to the 6-7 percent rise in power demand annually. Sunshine Group is looking to raise its contribution to the national grid to 15MW in the near future while exploring other types of renewable energy, including wind and biogas projects.
Sunshine Holdings Group Managing Director Vish Govindasamy said, “At a moment when shareholder trust and sentiment were significantly impacted, SBI Ven Holdings ‘ Sunshine Energy investment brings essential foreign direct investment (FDI) to Sri Lanka when it is much required in the market and economy.
Not only does this strategic investment pave the way for us to promote the government’s vision of 100% renewable energy by 2050, but it also validates our long-term vision and investor-friendly corporate governance structure, helping us build trust and attract major worldwide equity companies such as SBI Ven Holdings.