Sri Lanka’s WindForce completes Rs. 89 million rooftop solar project in Maldives
Daily FT: WindForce has completed the 366 KWP rooftop solar PV power project at Cocoon Island, Maldives as an Engineering, Procurement, and Construction (EPC) contract.
“This marks a significant milestone in the company’s commitment to delivering sustainable energy solutions,” said WindForce in a filing to the Colombo Stock Exchange (CSE).
The value of the EPC contract is $ 296,372 or approximately Rs. 89 million.
WindForce said the project was particularly significant as it marks WindForce PLC’s second successful international EPC project, further solidifying the company’s diversification into the EPC business.
Through this initiative, in partnership with Cocoon Investment Ltd., the company has contributed to reducing carbon emissions and enhancing renewable energy adoption in the hospitality sector. By harnessing solar energy, the project supports long-term economic growth while fostering a cleaner and more sustainable future, the company added.
OSL take:
Sri Lanka’s power industry, especially in the renewable energy generations sector, has become a hotspot for business/investment opportunities. The ongoing economic activities in the country and the Sri Lankan government’s commitment to increase the country’s clean and sustainable energy generation component, there’s an increase in business/investment opportunities in Sri Lanka’s renewable energy generation sector. The growth and profits recorded by the businesses engaged in Sri Lanka’s renewable energy sector are indicative of the growth and business potential in the sector. The overseas expansion of local renewable energy businesses is further indicative of the increasing business potential in Sri Lanka’s renewable energy generation sector and related sectors. Foreign businesses/investors could therefore confidently explore the expanding business/investment opportunities in Sri Lanka’s renewable energy generation sector while also looking at the expansion of operations locally and internationally through partnerships or joint ventures with local businesses engaged in the sector and related fields.
| Article Code : | VBS/AT/20250423/Z_3 |