WindForce partners with Vidullanka and HiEnergy to add 10MW solar energy to national grid

WindForce Limited, the latest company to list on the Colombo Stock Exchange, acquired Solar Universe (Pvt) Ltd., which has won a tender to develop a 10MW solar power plant in Vavunathivu.

Solar Universe is owned in conjunction with Vidullanka PLC and HiEnergy Services (Pvt) Ltd., where each of the three shareholders own an equal stake of 33.33%.This latest project will add 10MW Solar PV to the national grid, contributing to 19.70 GWh of power annually, equivalent to 4.9 million liters of oil saved. The estimated cost for the project is Rs. 1.4bn, which will be funded equally by the three shareholders.

WindForce debuted their IPO in March and was oversubscribed almost immediately, receiving applications worth Rs. 26.7 Bn, 7.9 times the offering. The largest IPO on the Colombo Stock Exchange since 2011, WindForce has reserved part of the proceeds for new projects and will use a part for this project.

WindForce is the only energy company in Sri Lanka to have received a AA- (stable) issuer rating by ICRA, the highest rating given to a corporate in Sri Lanka at the time of the issuance. WindForce, alongside HiEnergy and Vidullanka, will use its engineering expertise to design and management of the new power plant, which it hopes to commence construction in Q3 2021.

Sri Lanka’s largest producer of renewable energy, WindForce currently owns and operates 27 power plants both locally and internationally. With the addition of Solar Universe in the portfolio, WindForce’s current installed capacity will be increased to 228MW. The company has been able to effectively grow thanks to its technical expertise and careful selection of energy sources, locations, and tight control over operations and maintenance.