Hatton National Bank PLC (HNB) has partnered with Lakdhanavi Ltd., a member of the LTL Holdings Group, to serve as the arranger to a syndicated loan facility for the development of the first-of-its-kind 350 MW liquefied natural gas (LNG)-based combined cycle power plant in Kerawalapitiya, along with other commercial banks.
HNB, together with Commercial Bank of Ceylon PLC, National Development Bank PLC (NDB), Sampath Bank PLC, and People’s Bank, signed off loan agreements to finance the setting up of the LNG-based combined cycle power plant of Sobadhanavi Ltd.
Sobadhanavi, a subsidiary of Lakdhanavi Ltd., has scheduled the commissioning of the 350 MW facility in two phases, where open cycle operation will be commissioned by April 2023 whilst the combined cycle operation will be commissioned by April 2024. This is the only large power plant under construction in Sri Lanka at present, and its commissioning as planned is critical to meet the expected demand rise in electricity.
HNB Deputy General Manager – Wholesale Banking Damith Pallewatte signed the loan agreement at the Conference Centre of HNB Towers on 1 November, together with Commercial Bank Assistant General Manager – Corporate and Trade B.A.H.S. Preena, NDB Vice President – Project Finance and Corporate Credit Control Ishani Palliyaguru, Manoj Akmeemana – Senior Deputy General Manager (FCBU/Corporate Finance) of Sampath Bank, and People’s Bank Deputy General Manager – Corporate Banking Kumari Senaratne.
HNB to be arranger to Lakdhanavi syndicated loan
10 Nov 2021
HNB to be arranger to Lakdhanavi syndicated loan
10 Nov 2021
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