WindForce declares over Rs.1 bn dividends with a strong performance

Performance in 2021 will receive a boost from the output to be added from a damaged transformer of CEB which affected the output of three of WindForce’s Wind power plants last year

WindForce Limited, which listed on the CSE this year, displayed a strong performance for the year 2020/21. The company declared an interim dividend of LKR 1,013 million for 21/22, which corresponds to a dividend per share of 0.75 LKR, yielding a return of 4.7% to shareholders.

Performance in 2021 will receive a boost from the output to be added from a damaged transformer of CEB which affected the output of three of WindForce’s Wind power plants last year. This transformer is expected to be re-installed by end of June 2021 and will restore a significant energy output this year.

Additionally, the 50MW Gharo power plant in Pakistan (of which WIND holds a 30% stake) received a tariff increase from 6.7PKR to 10PKR, which was due in the last financial year. The delay was a result of approving the implementation of the tariff increase due to the impact of COVID in Pakistan. This will now be paid from this year onwards which will add a significant increase to revenue.

Further, WindForce acquired a new 10 MW Solar plant in Vavunativu in May from Solar Universe, which is to be commissioned in February 2022.

A share purchase agreement (SPA) was also signed to acquire a 500 ton per day (TPD) Waste to Energy plant from Fairway Holdings which is expected to add 10MW to the National Grid in the near future.