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

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 LKR 1.4bn and will be funded equally between the three shareholders.

WindForce recently debuted their IPO in March and was oversubscribed almost immediately, receiving applications worth 26.7 Bn LKR, 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 portion for this project. WindForce is the only energy company in Sri Lanka to have received a AA- (stable) issuer rating by ICRA, which is 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.