Lotus Hydro Power

ICRA Lanka suspends the issuer rating of Lotus Hydro Power PLC

InstrumentRated Amount (LKR Mn)Rating Action
Issuer RatingN/A[SL]BBB+ (Stable); Suspended

ICRA Lanka Limited has suspended the issuer rating of [SL]BBB+ (pronounced  SL triple B plus ) with Stable outlook  assigned to Lotus Hydro Power PLC (“LHP”/“the Company”), as the Company has not provided the requisite information to carry out surveillances of the rating.  This is in accordance with ICRA Lanka’s Suspension and Withdrawal Policy. 

Links to applicable criteria: https://www.icralanka.com/corporate-rating-methodology and ICRA Lanka’s Suspension and Withdrawal Policy

About the Company:

Lotus Hydro Power PLC (LHP) was incorporated in 2000 by Pussellawa Plantations and FLC Holdings (Pvt) Ltd as Hydro Power Free Lanka Pvt limited. Each Company held a 50% share of LHP. Aloysius Family was the main promoter of the Company. Mr Garry Seaton was the second-largest shareholder of Pussellawa Plantations with representation on the Board of LHP. In 2016, Mr Garry Seaton acquired LHP through Lotus Renewable Energy (Pvt) Limited (LEPL) by purchasing 72.14% stake from Pussellawa Plantations, Browns Power Holdings (Pvt) Ltd, FLMC Plantations (Pvt) Ltd and Lanka Orix Leasing Company PLC. LEPL holds 73.66% stake of LHP as in June-22 and it acts as an investment holding company investing in renewable energy and agriculture sectors based on its philosophy of undertaking Environment-friendly investments.

Rating history for last three years


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