Sri Lanka’s WindForce to get $ 18 million loan from IFC
EconomyNext: Sri Lanka energy firm WindForce has said it has entered into a loan agreement with the International Finance Corporation (IFC) , a member of the World Bank Group, to obtain up to 18 million dollars in two phases.
Phase 1 of the loan will include up to USD 10,000,000 (rupee equivalent) to be used for financing the company’s equity contribution towards the 100MW solar park project in Siyambalanduwa, which is owned and operated by Rividhanavi (Pvt) Ltd, according to a market filing.
Phase 2 of the loan will include up to USD 8,000,000 (rupee equivalent) to be used for battery energy storage projects or any eligible renewable energy projects undertaken by the company or its subsidiaries.
Earlier this month WindForce said it plans to issue up to 40 million green bonds to raise Rs. 4 billion.
OSL take:
Sri Lanka’s power sector is moving into a high-growth phase, with renewable energy at the center of its expansion strategy. The recent financing agreement between WindForce PLC and the IFC highlights increasing international confidence in the country’s clean energy transition. Access to this kind of global funding is helping accelerate project development and signals a stable and credible entry point for foreign investors. The Sri Lankan government’s commitment to increasing the share of renewables, particularly wind, solar, and small hydro, has created a strong pipeline of investment-ready projects. Supportive policies, including long-term power purchase agreements and incentives for sustainable energy, are making the sector increasingly attractive. As electricity demand rises alongside economic recovery, the need for reliable and diversified energy sources continues to grow. For foreign businesses/investors, opportunities extend beyond power generation into areas such as grid modernisation, battery storage, smart metering, and energy management systems. Sri Lanka’s island geography also makes it well suited for microgrids and decentralized energy solutions, particularly in remote or tourism-focused regions. Collaborating with established local companies also offers an effective way to enter the market, combining domestic expertise with foreign capital and technology. As Sri Lanka advances toward a cleaner and more sustainable energy mix, its renewable energy sector stands out as a promising destination for long-term investment.
| Article Code : | VBS/AT/20260505/Z_3 |