Sri Lanka’s WindForce powers into 2022 with a 10 MW solar plant and 15 MW wind plant
The Morning: WindForce PLC, the largest renewable energy developer in Sri Lanka which released its 3Q results for nine months ending 31 December 2021, reinforced its commitment for greener energy choices by also unveiling plans for commissioning of a 10 megawatts (MW) solar power plant in Vavunathivu in May, and 15 MW Hiruras wind power plant in Mannar by the end of the year.
In the third quarter (Q3) 2021/22 financial results, the group recorded a consolidated revenue of Rs. 3.6 billion, with Profit After Tax (PAT) posting an increase of 4% to Rs. 2.05 billion from Rs. 1.97 billion year-on-year (YoY). WindForce, which debuted on the Colombo Stock Exchange (CSE) in April 2021, has since declared an unprecedented dividend pay-out of Rs. 1.76 billion.
WindForce, one of the first companies in Sri Lanka to enter solar power generation saw its foresight reap astute results when the solar sector posted a significant growth of 22% in the comparable nine months. This was due to notable contributions by the newly commissioned Tororo solar plant in Uganda in August 2020 and the newly acquired rooftop solar plant Sky Solar (Pvt.) Ltd. in September 2021.
The hydro-power sector saw an impressive volume increase of 28% in hydro-power generation which is reflected in the YoY revenue growth of 25%. The consistently high rainfall experienced in catchment areas augmented a commendable performance by the Terraqua International, Energy Reclamation, HPD Power and Peak Power Delta plants which all benefited from the favourable weather conditions.
The wind sector recorded a higher output generation compared to last year but with both Daily Life and PowerGen entering its second tier in operation and seeing a drop in tariff rate, a 10% revenue decline YoY in the nine month period was observed.
WindForce, named the “Fastest growing renewable energy company” in Sri Lanka for 2021 by Greiner Bio-One (GBO) is adding a pioneering initiative into its newly acquired Solar Universe which is a tri-party deal with Vidullanka PLC and HiEnergy Services (Pvt.) Ltd. In its bid to introduce global best practises in sustainable energy to Sri Lanka, WindForce is initiating a pilot agrivoltaic plant infusing agrivoltaic technology which has the potential to add significant benefits for farmers, especially in mitigating climate risk and global warming impacts. Agrivoltaic systems place solar panels above agricultural crops, and provide a good ratio between the use of arable land and production of solar power.
WindForce has also launched the initial stages of construction of the 15 MW Hiruras wind power plant in Mannar. The plant, billed for completion by the end of 2022, will use state-of-the-art gearless technology, which allows a greater efficiency and is in line with global standards on wind production.
With this additional capacity, Wind Force will add a total output capacity of 25 MW to the national grid this year, resulting in a saving of over 10 million litres of fuel annually and in tandem, the saving of valuable foreign exchange, while furthering energy security in the country.
OSL take:
Sri Lanka’s increasing demand that has brought about a power crisis has resulted in an expansion of business opportunities in Sri Lanka’s power industry, especially in the renewable energy generation sector. The government of Sri Lanka has presented a host of new renewable energy generation projects that are open for foreign businesses/investors. With Sri Lanka’s ongoing development programme and the positioning of the country as a growing business destination in the region, investments in the country’s renewable energy generation sector would be profitable for foreign businesses/investors.
| Article Code : | VBS/AT/23022022/Z_3 |