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Two private sector power projects, to be based in two main cities in Sri Lanka, are expected to contribute to the national power supply. The power project in Anuradhapura in the North Central Province of the country will become functional in 11 months, while the other project in the southern town of Matara will be completed in 14 months. Each project is expected to produce 20 mega watts of power. These two power projects will get debt financing amounting to Rs. 2.5 billion from a consortium of banks led by Hatton National Bank (HNB) – a private bank in Sri Lanka. The consortium comprises the two state banks - Bank of Ceylon and People’s Bank, the Commercial Bank, Hongkong and Shanghai Bank (HSBC), Pan Asia Bank, DFCC Bank and HNB. The total package includes a US$24 million foreign term loan and Rs. 357 million in unlisted debentures guaranteed and underwritten by DFCC arranged and led by HNB. The debenture is a seven-year instrument with a return of Average Weighted Deposit Rate+7%. DFCC hopes to list it on a future date while the power project will be financed by US$65 million raised through a floating rate note issued by the bank during 1997/98.
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