WindForce PLC is the largest renewable energy private sector company in Sri Lanka.[3] The company was incorporated in 2010 and in 2021 was listed on the Colombo Stock Exchange. The company commission, construct and operate power plants and generate power through wind, solar and hydropower.[4]

WindForce PLC
FormerlyWindForce Limited
Company typePublic
CSEWIND.N0000
ISINLK0461N00000
Industry
Founded2010; 14 years ago (2010)[1]
Headquarters,
Sri Lanka
Key people
  • Ranil Pathirana (Chairman)
  • Manjula Perera (Managing Director)
RevenueIncrease LKR4,953 million (2023)
Increase LKR3,018 million (2023)
Decrease LKR1,783 million (2023)
Total assetsIncrease LKR39,802 million (2023)
Total equityIncrease LKR25,199 million (2023)
Owners
  • Akbar Brothers Pvt Ltd. (36.48%)
  • Hirdaramani Pvt Ltd. (20.67%)
Number of employees
155 (2023)
Websitewindforce.lk
Footnotes / references
[2]

History

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The company is incorporated in July 2010 and listed on the Colombo Stock Exchange in 2021.[5]

In 2021, through an initial public offering (IPO), the company was planned to raise up to LKR3.2 billion by offering a stake of 15% in the company. With the capital raised through the IPO the company is planning to build a 15MW wind plant in Mannar, Sri Lanka and a 30MW solar plant with 7.5MW battery storage in Senegal. The company is expected to become the largest renewable energy company, exceeding the second-placed company by over five times.[3] WindForce's IPO was the largest since in 2011 in the Colombo Stock Exchange. It attracted 1,654 applications amounting to LKR25.7 billion, oversubscribing by nearly eight times on the first day of the IPO.[5]

Post-IPO trading

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The company declared an interim dividend for the financial year 2021/22, which corresponds to a LKR0.75 dividend per share yielding a 4.75% return. WindForce acquired 33.3% of stake in Solar Universe (Pvt) Ltd, a solar power plant in Vavunathivu. Vidullanka PLC and HiEnergy Services (Pvt) Ltd are the other two stakeholders of the plant and will add 10MW to the National Grid annually.[6] The company acquired a 500 tons per day waste to energy plant from Fairway Holdings,[7] the company acquired 92.5 per cent of the stake. The plant is located in Karadiyana, 15km from Colombo.[8] In June 2021, the company received the Cabinet approval to build the planned wind power plants in Mannar.[9]

Operations

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The company is an independent power producer with an installed capacity of 218 megawatts.[4] 77% of the effective capacity is based in Sri Lanka and the rest is based in Pakistan, Ukraine and Uganda.[3] The company operates 27 power plants.[10] Seven of the plants are wind power plants while 10 is solar plants and the other 10 are mini-hydropower plants.[11] The company is planned to develop a solar power plant in Cameroon and is looking for opportunities in Bangladesh and Africa.[5]

Wind farms

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Power station Capacity (MW) Location Stake %
Beta Power 10.0 Kilinochchi 66.40
Daily Life 10.0 Puttalam 95.83
Joule Power 10.0 Kilinochchi 66.40
Nirmalapura 10.0 Puttalam 49.00
Powergen 10.0 Puttalam 100
Seguwantivu 9.6 Puttalam 100
Vidatamunai 9.6 Puttalam 100

Solar farms

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Power station Capacity (MW) Location Stake %
Harappa Solar 18.0 Harappa, Pakistan 12.85
Hirujanani 2.1 Roof tops in Sri Lanka 66.00
Gharo Solar 50.0 Gharo, Pakistan 30.00
Semypolky Solar 10.6 Brovarskiy, Ukraine 12.50
Seruwawila 1.0 Vavuniya 90.00
Solar One 10.0 Welikanda 50.00
Sunny Clime 1.0 Vavuniya 90.00
Suryadhanavi 11.4 Roof tops in Sri Lanka 88.00
Tororo PV Power 10.0 Tororo, Uganda 80.00
Vydexa 10.0 Vavuniya 76.13

Hydroelectric power stations

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Power station Capacity (MW) Location Stake %
Energy Reclamation 0.8 Sitagala 100.00
Gurugoda Hydro 1.2 Kegalle 50.00
H.P.D. Power 3.2 Dambulla 100.00
Mahoma Uganda 2.7 Mahoma, Uganda 36.00
Melanka Power 3.8 Haldummulla 100.00
Peak Power 2.0 Ginigathhena 100.00
Terraqua International 1.3 Halathura Ganga 100.00
Terraqua Kokawita 1.2 Kalawana 100.00
Vidul Madugeta 2.5 Neluwa 50.00
Ziba 7.6 Kyambura, Uganda 25.50

Source: Annual Report 2020/21[12]

See also

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References

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  1. ^ "Windforce Ltd". wsj.com. Dow Jones & Company. Retrieved 21 August 2021.
  2. ^ "Annual Report 2022/23" (PDF). cse.lk. WindForce PLC. Retrieved 4 January 2024.
  3. ^ a b c Fernando, Nishel (18 February 2021). "Windforce plans Rs.3.2bn IPO on CSE". dailymirror.lk. Wijeya Newspapers. Retrieved 21 August 2021.
  4. ^ a b "Windforce Ltd". ft.com. Financial Times. Retrieved 21 August 2021.
  5. ^ a b c "WindForce to expand local and overseas footprint". Sunday Observer. Associated Newspapers of Ceylon. 25 April 2021. Retrieved 21 August 2021.
  6. ^ "WindForce, Vidullanka and HiEnergy to add 10MW solar energy to National Grid". dailynews.lk. Associated Newspapers of Ceylon. 10 April 2021. Retrieved 21 August 2021.
  7. ^ "WindForce declares over 1 bn dividends with a strong performance". lankabusinessonline.com. Lanka Business Online (PVT) LTD. 4 June 2021. Retrieved 21 August 2021.
  8. ^ "WindForce to develop Karadiyana Waste to Energy Power Plant". adaderana.lk. Ada Derana. 24 May 2021. Retrieved 21 August 2021.
  9. ^ "Sri Lanka cabinet clears Windforce plant in high-wind Mannar". economynext.com. Echelon Media (PVT) Ltd. 16 June 2021. Retrieved 21 August 2021.
  10. ^ "WindForce". LMD. Media Services (Private) Limited. 4 March 2021. Retrieved 21 August 2021.
  11. ^ "Windforce IPO twice oversubscribed at retail level itself". ft.lk. Wijeya Newspapers. 1 April 2021. Retrieved 21 August 2021.
  12. ^ "Annual Report 2020/21" (PDF). cse.lk. WindForce PLC. Retrieved 1 January 2022.
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