LVL ENERGY FUND PLC

LVL ENERGY FUND PLC Investing in energy that powers nations

LVL ENERGY FUND PLC Investing in energy that powers nations

About Us

LVL ENERGY FUND PLC

LVL Energy Fund Limited was incorporated in June 2006 as

a subsidiary of Lanka Ventures PLC with an initial capital of

Rs. 300 Mn. The main objective of the Company was to

invest in the form of equity and quasi equity in projects in

the power and energy sector in Sri Lanka and abroad.

Up to June 2016 the Company had several rounds of fund

raising which culminated in a total fund base of Rs. 2,636

Mn by 31st March 2017 prior to launching an IPO to raise

further capital of Rs. 1,200 Mn and obtaining a listing for

shares at the Colombo Stock Exchange.

The Company remains a well-diversified entity with

investments in renewable and thermal power projects in

Sri Lanka, Bangladesh and Nepal.

BANGLADESH

NEPAL

SRI LANKA

Our Locations

Our Projects

LVL ENERGY FUND PLC

HYDRO POWER WIND POWER THERMAL POWER

Run-Of-River Hydro Power Plant

begins at the weir which divert water

via a canal or pipeline to bring the

water to the power station. The water

is then fed into a high-pressure

penstock (or pipeline) which drives

the water under high pressure into

the powerhouse, where it is

connected to an installed turbine

driving the generator. The amount of

power a hydro station can generate is

dependent on the head and flow of

the water. At the outlet of the

turbines, the water is discharged back

to the river via a tailrace.

Wind power is the use of air flow

through wind turbines to provide the

mechanical power to turn electric

generators. Wind farms consist of

many individual wind turbines, which

are connected to the electric power

transmission network. The energy that

can be captured by wind turbines is

highly dependent on the local average

wind speed. The speed of the wind

rotates the blades of a rotor,

producing kinetic energy. The rotor

then drives the generator that

converts the mechanical energy into

electricity.

A thermal power plant is a power

station in which heat energy is

converted to electric power. Usually

the turbine is steam-driven. The steam

is produced in high pressure in the

steam boiler from burning of fuel in

boiler furnaces This steam is further

super heated in a super heater. This

superheated steam then enters into

the turbine and rotates the turbine

blades which drives an electric

generator. After it passes through the

turbine, the steam is condensed in a

condenser and recycled to where it

was heated.

SOLAR POWER

Solar power generation systems collect

and concentrate sunlight to produce

the useable electricity. The solar panels

consist of photovoltaic cells, known as

PV or solar cells, to directly convert

sunlight into usable electricity. These

panels are made from semiconductor

materials, usually some form of silicon.

When photons from sunlight hit the

semiconductor material free electrons

are generated which can then flow

through the material to produce a

direct electrical current. The DC current

then needs to be converted to

alternating current (AC) using an

inverter before it can be directly used

or fed into the electrical grid.

HYDRO POWER PROJECTS

LVL ENERGY FUND PLC

LVL ENERGY FUND PLC

Belihul Oya

Extended PPA

Expiry

Location

Belihul Oya

Catchment Area

21.5 km2

Rainfall

2,638 mm per year

Design Flow

1.5 m3/s

Capacity

2.2 MW

Commissioned Date

May

2002

Gross Heads

178 m

April

2022

Nividu (Pvt) Ltd

Equipment Supplier

Wasserkraft,

Germany

46%

70%

23% 18%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Q2-Sep 2018 Q3-Dec 2018 Q4-Mar 2019 Q1-Jun 2019

Plant Factor (Quarterly)

LVL ENERGY FUND PLC

Belihul Oya Plant Factor

6,976

8,406

9,927 10,283 9,988

3,552

6,695

9,893

36%

44%

52% 53%

52%

18%

35%

51%

-

2,000

4,000

6,000

8,000

10,000

12,000

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

0%

10%

20%

30%

40%

50%

60%

Plant Factor (Annual)

Plant Factor Generation (MWh)

* Plant generation had been affected due to the drought condition prevailed in the year 2016 and 2017.

12

18

6 5

4

8

(2)

(3) -5

0

5

10

15

20


Profitability (Quarterly)

LVL ENERGY FUND PLC

Belihul Oya Profitability

Revenue (Mn) Profit (Mn)

73

87

116

160 157

52

41

53

185

167

206

249

209

125

180

19 -

50

100

150

200

250

300

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

PROFITABILITY (ANNUAL)

*Net profit is higher than the revenue due to dividend income under other income, from its 100% owned subsidiary Nividu Assupiniella.

LVL ENERGY FUND PLC

Location

Assupini Ella

Catchment Area

27 km2

Rainfall

2,134 mm per year

Capacity

4.0 MW

Commissioned Date

November

2005

Nividu Assupini Ella (Pvt) Ltd

Equipment Supplier

VA Tech,

Germany October 2020 * Extendable for another 20 years

Design Flow

2.2 m3/s

Gross Heads

210 m

PPA Expiry

Assupini Ella

LVL ENERGY FUND PLC

Assupini Ella Plant Factor

52%

61%

10%

16%

0%

10%

20%

30%

40%

50%

60%

70%

Q2-Sep 2018 Q3-Dec 2018 Q4-Mar 2019 Q1- June 2019


12,467

14,918 14,415

18,452 16,657

4,622

14,249 14,009

36%

43% 41%

53%

48%

13%

41% 40%

0%

10%

20%

30%

40%

50%

60%

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000



* Plant had to be shut down on 15th May 2016 due to part of the channel (approximately 30m) been damaged following a flash flood and earth slip. The plant was re-commissioned in September 2016 after repairs.

LVL ENERGY FUND PLC

Assupini Ella Profitability

129

150

168

260 258

74

193

224

87 98

109

179

184

11

126 144

0

50

100

150

200

250

300

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

Profitability (Annual)

61

73

46

23

44

47

27

10

0

10

20

30

40

50

60

70

80

Q2-Sep 2018 Q3-Dec 2018 Q4-Mar 2019 Q1- June 2019



LVL ENERGY FUND PLC

Kadawala

PPA Expiry

Location

Ginigathhena

Catchment Area

26 km2

Rainfall

4,406 mm per year

Design Flow

5.2 m3/s

Capacity

6 MW

Gross Heads

132 m

Commissioned Date

March

2008 February

2023

Unit Energy Lanka (Pvt) Ltd

* Extendable for another 20 years

Equipment Supplier

Voith Siemens, Germany

40%

27%

3%

11%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%



LVL ENERGY FUND PLC

Kadawala Plant Factor

8,284 10,107

3,701

15,925

14,015

11,635

14,306 12,713

16%

19%

7%

30%

27%

22%

27%

24%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

0%

5%

10%

15%

20%

25%

30%

35%



72

48

36

23

38

22

14

5 0

10

20

30

40

50

60

70

80



84 97

46

239

216

167

196 203

11 16

(38)

113 105

78 95

87

-50

0

50

100

150

200

250

300

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19


LVL ENERGY FUND PLC

Kadawala Profitability


*On 13th May 2013, the plant went under water due to a flash flood following heavy rains in the area affecting other nearby hydro power plants as well. This incident caused damage to few anchor supports and electrical equipment including control panels.

LVL ENERGY FUND PLC

Neluwa

PPA Expiry

Location

Gin Ganga

Catchment Area

304 km2

Rainfall

3,973 mm per year

Design Flow

40 m3/s

Capacity

2.2 MW

Commissioned Date

January

2008

Gross Heads

6 m

December

2023

Neluwa Cascade Hydro Power (Pvt) Ltd

* Extendable for another 20 years

Equipment Supplier

Gugler Hydro

Energy, Austria

20%

40%

16%

27%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%



LVL ENERGY FUND PLC

Neluwa Plant Factor

5,687

6,602

5,338

6,264 5,878

4,277 4,910

5,874

30%

34%

28%

33% 31%

22%

25%

30%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

0%

5%

10%

15%

20%

25%

30%

35%

40%



LVL ENERGY FUND PLC

Neluwa Profitability


58

[VALUE] 65

93 92

67 69

70

16 20

19

50

42

16

14

33

0

10

20

30

40

50

60

70

80

90

100

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19


13

26 26

21

(0)

13

16

9

-5

0

5

10

15

20

25

30



LVL ENERGY FUND PLC

Theberton

PPA Expiry

Location

Kiriwaneliya

Village

Catchment Area

10 km2

Rainfall

4,086 mm per year

Design Flow

1.950 m3/s

Capacity

1.3 MW

Commissioned

Date

September

2015

Gross Heads

90 m

October

2035

Sapthakanya Hydro Electric Company

(Pvt) Ltd

Equipment

Supplier

• Fuchun Industry

Development Co,

China

• Hongya Power

Generating

Equipment, China

56%

[VALUE]

7%

18%

0%

10%

20%

30%

40%

50%

60%



LVL ENERGY FUND PLC

Theberton Plant Factor

1,867

3,339

4,398 4,077

28% 29%

39%

36%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2015/16 2016/17 2017/18 2018/19

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%



* First year of commercial operation.

*

28

16

7 9

15

2

(9)

(3)

-10

-5

0

5

10

15

20

25

30

35



28

58

77 75

13

5

25

20

0

10

20

30

40

50

60

70

80

2015/16 2016/17 2017/18 2018/19


LVL ENERGY FUND PLC

Theberton Profitability


LVL ENERGY FUND PLC

Campion

PPA Expiry

Location

Bogawantalawa

Catchment Area

27 km2

Rainfall

2,384 mm per year

Design Flow

2.1 m3/s

Capacity

1.2 MW

Commissioned Date

May

2017

Gross Heads

76 m

April

2037

Campion Hydro Power (Pvt) Ltd

Equipment

Supplier

Hongya Power

Generating

Equipment,

China

43%

64%

14% 11%

0%

10%

20%

30%

40%

50%

60%

70%



LVL ENERGY FUND PLC

Campion Plant Factor

3,103

4,627

32%

44%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2017/18 2018/19

-

1,000

2,000

3,000

4,000

5,000



20

29

7 5

4

13

(10)

(11)

-15

-10

-5

0

5

10

15

20

25

30



56

81

(7)

16

-10

0

10

20

30

40

50

60

70

80

90

2017/18 2018/19


LVL ENERGY FUND PLC

Profitability


Campion

LVL ENERGY FUND PLC

PPA Expiry

Location

Across Uma Oya

in Bambarapana

Catchment Area

180.5 km2

Rainfall

1,650-1,880 mm per year

Design Flow

6.5 m3/s

Capacity

2.5 MW

Commissioned Date

February

2018

Gross Heads

46 m

Bambarapana

January

2038

Bambarapana Hydro Power (Pvt) Ltd

Equipment Supplier

Global Hydro

Energy, Austria

47 45

55

31

16

11

17

(3)

-10

0

10

20

30

40

50

60



50% 47%

[VALUE]

[VALUE]

0%

10%

20%

30%

40%

50%

60%

70%



LVL ENERGY FUND PLC

Bambarapana Plant Factor & Profitability

Revenue (Mn) Profit (Mn) Plant Factor

LVL ENERGY FUND PLC

Hydro Plants Generation (MWh)

Project 2015/16 2016/17 2017/18 2018/19 2019 YTD

Belihul Oya 9,988 3,552 6,695 9,893 1,974

Assupini Ella 16,657 4,622 14,249 14,009 2,278

Kadawala 14,015 11,635 14,306 12,713 1,796

Neluwa 5,878 4,277 4,910 5,874 2,076

Theberton 1,867 3,339 4,398 4,077 724

Campion - - 3,103 4,627 669

Bamabarapana - - - 11,825 4,926

WIND POWER PROJECTS

LVL ENERGY FUND PLC

LVL ENERGY FUND PLC

Pawan Danavi

Location

Kalpitiya

Commissioned Date

August

2012

10.2 MW

Capacity

12 Turbines

Turbines

65 m

Hub Height

58 m

Rotor Diameter

July 2032

PPA expiry

7-7.5 m/s

Average wind speed

Equipment Supplier

Gamesa, Spain

Pawan Danavi (Pvt) Ltd

LVL ENERGY FUND PLC

Pawan Danavi Plant Factor

52%

7% 10%

38%

0%

10%

20%

30%

40%

50%

60%



31,012

25,562 24,246 25,541 26,352 22,544

36%

30% 28%

30% 31%

26%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

0%

5%

10%

15%

20%

25%

30%

35%

40%



LVL ENERGY FUND PLC

Pawan Danavi Profitability


784

651 619 654

689

596

416

341 342 341 360

263

0

100

200

300

400

500

600

700

800

900

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19


294

40 61

222 209

(47) (17)

139

-50

0

50

100

150

200

250

300

350


PROFITABILITY (QUARTERLY)

LVL ENERGY FUND PLC

Nala Danavi

Location

Kalpitiya

Commissioned Date

June

2013

5.1 MW

Capacity

6 Turbines

Turbines

65 m

Hub Height

58 m

Rotor Diameter

7-7.5 m/s

Average wind speed

May 2033

PPA expiry Equipment Supplier

Gamesa, Spain

Nala Danavi (Pvt) Ltd

LVL ENERGY FUND PLC

Nala Danavi Plant Factor

53%

7%

13%

41%

0%

10%

20%

30%

40%

50%

60%



10,457

13,660 13,104 13,838

14,991

11,977

30%

32% 31%

33%

36%

28%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

0%

5%

10%

15%

20%

25%

30%

35%

40%



LVL ENERGY FUND PLC

Nala Danavi Profitability


217

287 277

292

322

261

78

119 108

94

131

83

0

50

100

150

200

250

300

350

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19


121

16 30

95

77

(27) (13)

50

-40

-20

0

20

40

60

80

100

120

140



THERMAL POWER PROJECTS

LVL ENERGY FUND PLC

LVL ENERGY FUND PLC

Rajshahi

Location

Rajshahi district Bangladesh

Commissioned Date

January 2014

Heavy

Furnace Oil

Main Fuel

Diesel

Backup Fuel

52.2 MW

Capacity

6 HFO / Gas based

Reciprocating

engines

Engines

Equipment Supplier

Wartsila, Finland

Raj Lanka Power Company Ltd

LVL ENERGY FUND PLC

Rajshahi Plant Factor


66%

41%

63%

39%

0%

10%

20%

30%

40%

50%

60%

70%



23,193

195,309

162,575

201,466

246,951 243,301

20%

43%

36%

44%

54% 53%

-

50,000

100,000

150,000

200,000

250,000

300,000

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

0%

10%

20%

30%

40%

50%

60%



*

LVL ENERGY FUND PLC

Rajshahi Profitability

Revenue (BDT Mn) Profit (BDT Mn)

847

641

860

577

(2)

75 31 35

-100

100

300

500

700

900

1100



536

3,369

2,928

2,655 2,720

2,980

37 93 124 124 101 181 0

500

1000

1500

2000

2500

3000

3500

4000

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19


LVL ENERGY FUND PLC

Comilla

Location

Comilla district Bangladesh

Commissioned Date

January 2015

Heavy

Furnace Oil

Main Fuel

Diesel

Backup Fuel

52.2 MW

Capacity

6 HFO / Gas based

Reciprocating

engines

Engines

Equipment Supplier

Wartsila, Finland

Lakdhanavi Bangla Power Ltd

LVL ENERGY FUND PLC

Comilla Plant Factor


16%

12%

3%

46%

0%

10%

20%

30%

40%

50%



32,463

152,489 146,466

92,847

54,889

28%

33% 32%

20%

12%

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2014/15 2015/16 2016/17 2017/18 2018/19

0%

5%

10%

15%

20%

25%

30%

35%

40%



*

LVL ENERGY FUND PLC

Comilla Profitability

Revenue (BDT Mn) Profit (BDT Mn)

361

314

207

659

90 79

60

116

0

100

200

300

400

500

600

700



551

2,600

2,062

1,440

1,217

23 76 232 268

316

-

500

1,000

1,500

2,000

2,500

3,000

2014/15 2015/16 2016/17 2017/18 2018/19


FINANCIAL INDICATORS

LVL ENERGY FUND PLC

Financial Indicators (as at Financial YTD 30th June 2019)

LVL ENERGY FUND PLC

Ownership

% Investment(Mn) Net Assets (Mn) Revenue (Mn) Profit (Mn)

HYDRO POWER

Belihul Oya SL 25% 120 219 5 68

Assupini Ella SL 100% Owned by Nividhu 159 23 10

Kadawala SL 58% 135 221 23 5

Neluwa SL 49% 59 271 21 9

Theberton SL 85% 143 159 9 (3)

Campion SL 84% 118 134 5 (11)

Bambarapana SL 40% 140 418 31 (3)

WIND POWER

Pawan Dhanavi SL 40% 424 1,464 223 139

Nala Dhanavi SL 49% 243 746 95 50

THERMAL POWER

Rajshahi BN 20% 387 1,726 (BDT) 577 (BDT) 35 (BDT)

Comilla BN 33% 653 1,686 (BDT) 659 (BDT) 120 (BDT)

New projects and developments in the pipeline

LVL ENERGY FUND PLC

Pupulaketiya Hydro Power (Pvt) Ltd

Location

Pupulaketiya.

Ratnapura

district

20 years

293 m

0.65 m3/s

1.4 MW

Capacity Gross Heads

Design Flow

Tenure of PPA

LVL ENERGY FUND PLC

Catchment Area

5 km2

Rainfall

3,320 mm

per year

• LKR 115 Mn of the IPO Proceeds was set

aside to fund for Pupulaketiya hydro

power project.

• At the time of the IPO, Pupulaketiya

plant was awaiting the extension of the

approval of Central Environmental

Authority (CEA) which had lapsed in

October 2016. Although we expected

such extension would be granted quickly,

it has not been the case.

• The LKR 115 million identified for

investment in the project remained

invested in fixed income securities.

Makari Gad Hydropower (Pvt) Ltd

Location

Darchula

district, Nepal

30 years

69.8 GWh

924 m

1.35 m3/s

December 2020

10 MW

Capacity Gross Head

Design Flow Energy Generation

Tenure of PPA Project

Commencement

LVL ENERGY FUND PLC

LKR Mn

Equity (30%)

LTL Holding (Pvt) Limited 687

LVL Energy Fund 465

Total Equity 1,152

Debt (70%) 2,700

Total Project Cost 3,852

• In January 2019 LVL Energy Fund

made its first equity disbursements of

LKR 117.0 Mn in respect of Makari

Gad.

• Further disbursements aggregating to

LKR 292.5 Mn was carried out in June

and July 2019.

• Thereby LKR 409.5 Mn out of the LKR

465.0 Mn earmarked for this project

has been disbursed.

Heavy Fuel Oil

based power plant Feni, Bangladesh

October 2019

114 MW capacity can be increased up to

120 MW • One Wartsila 20V32 Engine 9.8 MW

• Six Wartsila 18V50 Engine 18.4 MW

15 years

Project

Commencement Tenure of PPA

Capacity

Location Project

Feni Lanka Power Limited

• Feni Lanka Power Limited (FLPL) is an

investment of Lanka Energy International

(Private) Limited (LEI), a fully owned

subsidiary of LVL Energy Fund (PLC).

• In May 2019 LVL Energy Fund PLC made an

investments of USD 8.0 million to FLPL.

LVL ENERGY FUND PLC

LVL ENERGY FUND PLC

6 New Solar Power Projects

Project Partner

Total

capacity

of 6MW Capacity

First Energy SL (Pvt) Ltd

Project cost

Approx.

Rs. 1 Bn

Location

• 3MW Plant Maho

• 2MW Plant Pallekale

• 1MW Plant Mathugama

Project Implementation and

start up

Tenure of PPA

20 years for

each plant

6 months for approval.

6 months for construction.

THANK YOU

Documents

LVL ENERGY FUND PLC