Ceb Power Purchase Agreement

- September 14, 2021

Vallibel Power Erathna PLC (VPEL) began operations in 2001 as Zyrex Power Company Erathna Limited to develop and operate mini hydropower projects in Sri Lanka. Mackwoods Energy awaits final approval of seven additional projects by the CEB and intends to supply approximately 6 MW hydro and 1 MW of solar power in the near future. Further project proposals have been submitted and the feasibility of an additional 30 MW of electricity, which is expected to be injected into the national grid subject to CEB approval, is ongoing. Mackwoods Energy focuses on the development of unconventional renewable energy (NCRE) through the use of sustainable renewable energy sources such as hydropower, solar, wind, biomass, biogas, hydrokinetic and municipal waste in energy conversion, including net metering, and conducts energy audits to save energy at the industrial and institutional levels. Mackwoods has the price of being the first company to realize Net Metering of a mini-hydro at the Labookellie Estate Tea Factory in Nuwara Eliya, so it should qualify for Global Green Funds. As a provider of energy solutions, Mackwoods Energy has successfully won numerous contracts and is committed to achieving excellence in all areas of business. Several unconventional solutions for renewable energy have been launched for sectors such as telecommunications, marine, air conditioning and cooling, with trials on solar energy generators and solar air conditioning. Mackwoods Energy`s reputation is built on years of providing energy solutions to key industries such as plantations, telecommunications, hotels, information technology, hospitals, educational institutes, condominiums, defense forces, construction, ports, food and pharmaceutical industry, to name a few, and extends a fast 24/7 response service for all its customers across the island. Mackwoods Energy is a member of the Mackwoods Group of Companies.

Mackwoods was founded in 1841 and is the second oldest trading company in Sri Lanka. Mackwoods Group is a conglomerate composed of several companies active in the sectors of healthcare, agriculture and plantations, industry, manufacturing, ICT and software development, real estate, import and export trade, hospitality and tourism, stock brokers, insurance brokers and financial services, and who have more than 170 years of experience in the industry. The Mackwoods name stands for integrity, stability and diversity, both locally and internationally, with a balanced and diversified portfolio of investments in the group`s companies. . . .