The Power and Energy Ministry has stated that the Yugadhanavi power plant in Kerawalapitiya was a semi-government commercial venture, but was ready to pay the arrears due to the Ceylon Petroleum Corporation (CPC) by the plant.
The Ministry issuing a statement has explained that the shareholders of the Yugadhanavi plant were the Treasury, the EPF, Lanka Electricity Pvt. Ltd and a company called West Coast Ltd.
According to the statement, the Yugadhanavi plant was constructed with the intention of generating power using alternative fuel supplied by the CEB which in turn would be sold back to the CEB at an affordable price. The plant was built after the intervention of President Mahinda Rajapaksa, at a time when the energy sector was going through some tough times.
However, the Ministry state that it was willing to settle the arrears due to the CPC after considering the greater good to the country.