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Tokyo and Sri Lanka, Mar 22, 2016 - (JCN Newswire) - Mitsubishi Corporation (MC), together with J-Power Systems Corporation (JPS, 100% subsidiary of Sumitomo Electric Industries, Ltd.) and LTL Projects (Pvt.) Ltd. (LTL) of Sri Lanka, has been awarded a contract by the Ceylon Electricity Board (CEB) for the installation of underground transmission and distribution cables in the Greater Colombo region of Sri Lanka. MC and JPS will supply the underground transmission cables, while LTL will be in charge of supplying ancillary equipment and installation. The project, which receives some of its financing under a Japanese ODA loan, will cost approximately 7.5 billion yen and is scheduled for completion in May 2018.
Electricity demand in Sri Lanka is expected to see an annual increase of around 7% in the coming years, a reflection of the country's 7% per annum GDP growth rate. The Greater Colombo area, the island's financial center and capital region, is in a particularly critical situation. Not only is an already insufficient power supply failing to keep up with rapidly increasing demand, but the rate of electricity loss during transmission due to the aging of current transmission infrastructure is also extremely high when compared with other countries in Asia. This project is therefore considered to be a major step towards addressing an urgent crisis and is viewed as an essential part of the effort to secure a stable supply of electricity to Greater Colombo.
Through this project, MC will be seeking to contribute not only to the stable supply of electricity in Sri Lanka, but also to the country's overall economic growth, while at the same time proactively seeking to expand its involvement in electricity-related businesses across Asia.
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network
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