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Amana Bank partners with Vidullanka to finance Madugeta Hydro Project

Amana Bank May 30, 2013

Amana Bank has proudly partnered with leading renewable energy provider Vidullanaka PLC to finance their latest Mini Hydro Power Project (MHPP) at Madugeta in the Galle District. A signing ceremony was recently held at the Corporate Office of Amana Bank with the attendance of key officials of the Bank and Vidullanka. The Madugeta MHPP has a capacity of 2.5MW and is estimated to generate 10.16 GWh of power annually and is to be connected to the National Grid by August 2013. The project is a joint venture between Vidullanka and Esna Power (Pvt) Limited.

Commenting on this partnership, Amana Bank's MD/CEO, Mr Faizal Salieh said "Generating alternate renewable energy, which is also environmentally friendly, is a critical need of the present time, and we appreciate Vidullanka's contribution towards this end. Over the years the Bank has had a good relationship with Vidullanka and today we are taking this relationship one step further by assisting the Madugeta project as the sole financial provider based on our unique asset-backed financing model. Amana Bank is committed towards assisting sustainable growth of our economy by way of financing infrastructure development and renewable energy projects such as this"

Appreciating Amana Bank's involvement, Vidullanka's CEO Mr Riyaz Sangani said "We are delighted to work with Amana Bank as one of our prime banking partners. In the recent past, the Bank has progressed to greater heights in terms of customer service, efficiency whilst offering competitive banking solutions."

Vidullanka constructs and operates renewable energy projects, using hydro, solar and wind power sources. As a BOI approved company incorporated in 1997, Vidullanka plays a significant role in developing the Island's renewable energy generation capacity and contributing to the National Grid.

Amana Bank is powered by the stability and the support of its strategic shareholders Bank Islam Malaysia Berhad, the Islamic Development Bank based in Saudi Arabia and AB Bank in Bangladesh, The Bank is making an aggressive journey in the Sri Lankan banking industry and is focused on capitalizing the growing market potential for this unique banking model across the country.


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