WindForce to add 25 MW of green power to national grid

Move expected to stop burning of more than 10 million litres of fossil fuel annually

WindForce PLC, the largest renewable energy developer in Sri Lanka has launched the initial construction work of its 15MW Hiruras Wind Power Plant in Mannar and 10MW solar power plant in Vavunathivu. WindForce will thereby add an output of 25 MW to the national grid this year, saving more than 10 million litres of fuel used annually to generate an equivalent amount of power. The move will help reduce the outflow of foreign currency in tandem.

Meanwhile, the company has released its 3Q results for the nine months ending 31st December 2021.

In the 3rd Quarter 2021/22 financial results, the Group recorded a consolidated revenue of LKR 3.6 bn, with Profit After Tax posting an increase of 4% to LKR 2.05 bn from LKR 1.97 bn YoY. WindForce, which debuted on the Colombo Stock Exchange in April 2021, has since declared an unprecedented dividend payout of LKR 1.76 bn.

It was one of the first companies in Sri Lanka to enter solar power generation. It saw its foresight reap results when the solar sector posted a significant growth of 22% in the comparable nine months. This was due to notable contributions by the newly commissioned Tororo Solar Plant in Uganda in August 2020 and the newly acquired rooftop solar plant, Sky Solar (Pvt) Limited in September 2021.

The company saw an impressive volume increase of 28% in hydro power generation which is reflected in the YoY revenue growth of 25%. The consistently high rainfall experienced in catchment areas augmented a commendable performance by the Terraqua International, Energy Reclamation, HPD Power and Peak Power Delta plants which all benefited from the favourable weather conditions.

The wind sector recorded a higher output generation compared to last year but with daily life and power generation entering a second tier in operation and a drop in tariff rate, a 10% revenue decline in the nine months period was observed.

WindForce which was named the Fastest Growing Renewable Energy Company in Sri Lanka 2021 by GBO, is adding a pioneering initiative into its newly acquired Solar Universe which is a tri- party deal with Vidullanka PLC and HiEnergy Services (Pvt) Limited.

In its bid to introduce global best practices in sustainable energy to Sri Lanka, WindForce is initiating a pilot Agrivoltaic Plant infusing Agrovioltaic technology which has the potential to add significant benefits for farmers, especially in mitigating climate risks and global warming impacts.

Agrivoltaic systems place solar panels above agricultural crops, and provides a good balance between the use of arable land and production of solar power.