WindForce declares over Rs 1 b in dividends | Page 2 | Sunday Observer

WindForce declares over Rs 1 b in dividends

12 June, 2021

WindForce Limited, which listed on the CSE this year, displayed strong performance for the year 2020/21. The company declared an interim dividend of Rs. 1,013 million for 21-22, which corresponds to a dividend per share of Rs. 0.75, a return of 4.7% to shareholders. A damaged transformer of CEB affected the output of three of WindForce’s wind power plants last year. This transformer is expected to be re-installed by the end of June 2021 and will restore a significant energy output this year. The 50MW Gharo power plant in Pakistan (of which WindForce holds a 30% stake) received a tariff increase from  PKR 6.7 to  PKR 10, which was due in the last financial year. The delay was a result of approving the implementation of the tariff increase due to the impact of COVID in Pakistan. This will now be paid from this year onwards which will add a significant increase to revenue. 

WindForce acquired a new 10 MW Solar plant in Vavunativu in May from Solar Universe, which is to be commissioned in February 2022.  A share purchase agreement (SPA) was also signed to acquire a 500-tons per day (TPD) Waste to Energy plant from Fairway Holdings which is expected to add 10MW to the national grid in the near future.  Investor confidence in WindForce climbed to a commendable high on the Colombo Bourse from its first trade onwards, as the share currently sits 18% higher than the IPO price. With its strong and stable track record, ICRA Lanka Limited issued WindForce an issuer rating of (SL) AA- (stable), the highest rating bestowed on a corporate in Sri Lanka at the time of the issuance.