Sri Lanka’s WindForce ups stake in Siyambalanduwa solar project
The Morning: WindForce PLC has announced a development in its clean energy portfolio with an increase in its shareholding in the Rividhanavi (Private) Limited solar power project.
As of 11 September, WindForce PLC’s stake in the project has risen from 30% to 50%. This change follows the transfer of two non-voting ordinary shares from The Blue Circle Pte Ltd to WindForce PLC.
With this transfer, The Blue Circle Pte Ltd has exited the project entirely.
Currently, Rividhanavi’s shareholding is equally divided between WindForce PLC and Lakdhanavi Ltd. This strategic move underscores WindForce PLC’s commitment to pioneering Sri Lanka’s clean energy transition through its involvement in the 100 MW Siyambalanduwa solar power plant project.
OSL take:
Sri Lanka’s power industry, especially the renewable energy generation sector, has become one of the most lucrative businesses in the country. Given the increasing demand for power due to the overall economic expansion and the Sri Lankan government’s commitment to increase the renewable energy generation component in the country’s total power mix, many business/investment opportunities have now emerged in the renewable energy generation sector. The growth and profits recorded by local businesses already engaged in the sector is testament to the lucrative nature of the business. With Sri Lanka on a steady growth path, the business/investment opportunities in the renewable energy generation sector would also see a further growth making way for continuous expansion in the business/investment opportunities in the country’s renewable energy generation sector. While exploring the many business/investment opportunities in the renewable energy generation sector, foreign businesses/investors could also explore the possibilities of forming partnerships or joint ventures with local businesses already in the sector in order to further expand operations.