Sri Lanka’s WindForce consolidates subsidiaries in internal share transfer move
Daily Mirror: WindForce PLC has approved an internal restructuring to transfer the shareholdings of three of its power subsidiaries from its fully-owned unit Renewgen (Pvt.) Ltd directly to the listed parent, as part of what the company described as a “strategic management decision”.
The move, cleared by the board on April 10, will see WindForce acquire 38.2 million shares in HPD Power (Pvt.) Ltd, 40.6 million shares in Melanka Power (Pvt.) Ltd and 23.0 million shares in Peak Power Delta (Pvt.) Ltd, each at a consideration of Rs.10 per share, according to a filing to the Colombo Stock Exchange.
The transaction effectively shifts the ownership of the three entities from Renewgen, itself a wholly-owned subsidiary, to WindForce, tightening the group’s holding structure by bringing these assets directly under the listed entity.
WindForce said it would make further disclosures upon completion of any regulatory or corporate processes linked to the transfer.
OSL take:
Sri Lanka’s power industry is undergoing a transformation with a growing emphasis on renewable energy as the country focuses on strengthening energy security and sustainability. The Sri Lankan government’s commitment to increasing the share of clean and sustainable energy in the national grid is driving expansion across solar, wind, and other renewable sources, creating new business/investment opportunities in the industry. As part of this transition, Sri Lanka is implementing policies and incentives to attract foreign businesses/investors into the renewable energy generation sector. The expansion of the renewable energy sector has opened significant opportunities for foreign businesses/investors. Areas such as project development, engineering, equipment supply, energy storage, and grid modernisation present strong potential for investment. Also, the growing demand for clean energy solutions is encouraging innovation and the adoption of new technologies. Foreign businesses/investors can also benefit from partnerships with local businesses, which provide valuable market knowledge and operational support. These collaborations can help accelerate project implementation while contributing to skills development and technology transfer within the local industry.
| Article Code : | VBS/AT/20260423/Z_2 |