Sri Lanka’s WindForce to take over 2.2 MW Sky Solar for Rs. 265 million
Sri Lankan renewable energy company, WindForce PLC, is reportedly planning on investing Rs. 265 million to acquire Sky Solar Ltd., which is owned by Sunshine Energy Ltd.
WindForce has signed a share sale and purchase agreement for 100% of the controlling stake of Sky Solar, which at present owns and operates 2.2 MW of rooftop solar at eight factories located in and around Colombo.
WindForce has established 27 plants across Sri Lanka, Pakistan, Uganda, and Ukraine, and continues to launch new projects through its operations over a decade.
“The acquisition of Sky Solar will increase the company’s installed capacity from 218 MW to 220.2MW, and bring its number of rooftop solar plants in operation to three,” WindForce has been quoted as stating in the local media.
“Investments in the rooftop solar industry have proven to be a more cost-effective, sustainable alternative to non-renewable energy resources in the long run,” the Company has noted.
WindForce has further stated that it continues to expand and introduce the latest technology and innovation to Sri Lanka in a bid to support the country’s target of achieving 70% renewable energy by 2030.
WindForce had acquired 92.5% stake in Fairway Waste Management Ltd. in May this year while in April, WindForce purchased a 33.33% stake in Solar Universe.
OSL take:
Sri Lanka’s renewable energy generation sector is a fast growing sector that has opened up many business/investment opportunities. The ongoing development programme and the country moving towards becoming a business hub in the South Asian region have increased Sri Lanka’s demand for power. The government of Sri Lanka meanwhile has adopted a policy of ensuring that the country generates 70% of its power requirement through renewable energy generation. The renewable energy generation sector is therefore fast growing and foreign businesses/investors could explore the growing opportunities in Sri Lanka.
| Article Code : | VBS/AT/15092021/Z_6 |