WindForce Limited, a pioneer in the renewable energy sector will add around three projects locally and abroad bringing the total renewable energy projects operated by the company to 30 this year, said a top official of the company on the sidelines of the bell ringing ceremony to mark its listing on the Colombo Stock Exchange last week.
The company operates 27 power plants with an installed capacity of 218 MW of which 55.4% of the capacity (120.8 MW) is based in Sri Lanka while the rest is based internationally. It is the first Sri Lankan company to set up solar plants in Pakistan, Uganda and Ukraine. “We will not hesitate to expand our local and global footprint in the renewable sector when opportunity arises,” WindForce Chairman Ranil Pathirana said. WindForce according to Pathirana, plans to commission a wind power plant in Mannar no sooner all operational procedures are finalised.
The company is at an advanced stage in developing an energy project in Senegal, a solar power project plant in Cameroon and is looking at Bangladesh and Africa which has immense scope for renewable energy development in the region. The shares of WindForce Limited commenced trading on the Main Board of the Colombo Stock Exchange (CSE) last week following a successful Initial Public Offering (IPO) this year. The strong showing of the shares on the opening day of trading highlighted the investors’ confidence in Sri Lanka’s biggest and fastest growing producer of renewable energy. The WindForce Limited IPO of Rs. 3.2 billion, the largest at the CSE since 2011, attracted 1,654 applications amounting to a value of Rs. 25.7 billion. The company offered 202,615,341 shares at Rs.16.00 per share and was oversubscribed by nearly eight times on the initial day.
WindForce has been issued a [SL] AA- (stable) credit rating by ICRA Lanka, which is the highest rating given to a corporate in Sri Lanka at the time of the issuance by ICRA Lanka Limited.
Incorporated in July 2010 to promote and handle all aspects of renewable energy developments, WindForce Limited is the pioneer in wind power generation in Sri Lanka and one of the first players in solar power generation locally.
Today, the company has state-of-the-art wind, solar and hydro power plants across the island providing green electricity to the national grid.
As a result of its proven expertise and experience in conducting Feasibility Studies, Design and Engineering Management, Procurement, Commissioning, Construction, Erection, Operation and Maintenance of power plants, WindForce is able to handle the entire life cycle of a power project. Over the years through its investments in the renewable energy space, the company has transformed to become the largest IPP in the renewable energy sector in Sri Lanka and has expanded operations globally.
WindForce plans to allocate a sum of Rs. 2,310 million as the equity investment for a wind power project in Mannar and a solar power project in Senegal.
Remaining funds of Rs. 932 million will be used for future projects the company plans to undertake in Sri Lanka or in other countries.
The total installed capacity of the company will increase from 218MW to 263MW with the completion of the projects in the immediate pipeline which would further strengthen the company’s position as the largest renewable energy Independent Power Producer (IPP) in Sri Lanka and one of the largest in the region.
WindForce has been in the forefront of introducing new technology in power generation to Sri Lanka through its world-class engineering team. The team is continuously engaged in innovative projects broadening the team’s engineering horizons and adaptation of new technology.