Vidullanka buys 30% in SAFE Power for Rs. 225 million
Daily FT: Vidullanka PLC has said that it has acquired a 30% equity stake in SAFE Power International Ltd., a company which secured the licenses to develop a 10MW wind power plant in Alankuda in Kalpitiya.
The transaction concluded on 14 November, which saw Vidullanka investing Rs. 225 million to secure the stake from Arinma Power Ltd., the promoters of the proposed Alankuda wind power project.
This acquisition marks Vidullanka’s entry into wind power development in addition to a Vidullanka-led consortium emerging as the lowest cost bidder at the 2x50MW Mullikulam Wind Tender, concluded in October 2025.
SAFE Power International is owned by Wind Force with a 51% stake and Vidullanka now making up 30%. The remaining 19% is held by the promoters, Arinma Power.
The plant is expected to produce 32 GWh of clean energy to the national grid and will operate for 20 years.
In addition to emerging as the lowest cost bidder at the 2×50 MW Mullikulam Wind tender, Vidullanka also emerged as the lowest cost bidder for the 10 MWh Battery Energy Storage Solution tender recently floated by Ceylon Electricity Board, the company said.
The company commissioned three solar power plants with a cumulative gross capacity of 15 MW during the financial year, with an additional 6 MW in Madampe set to be grid-connected in the near future. The company also has a 10 MW solar power plant under construction as a Joint Venture with the David Pieris Group of Companies.
Vidullanka reported a year-to-date PAT of Rs. 628 million for the first half of the ongoing financial year, with a revenue of Rs. 1.9 billion recorded in the same period.
OSL take:
Sri Lanka’s power industry, especially the renewable energy generation sector, has become a hotspot for business/investment opportunities given the increasing demand. With Sri Lanka on the path to becoming a hub in the South Asian region resulting in an increase in the demand for power, and Sri Lanka’s commitment to expanding the renewable energy component in the country, there are many lucrative business ventures in the country’s renewable energy generation sector. The growth, profits and expansions recorded by businesses already engaged in the renewable energy generation sector and the interest shown by many foreign businesses/investors to enter the sector clearly indicate the increasing business potential in Sri Lanka’s renewable energy generation sector. Foreign businesses/investors could therefore confidently explore the expanding business/investment opportunities in Sri Lanka’s renewable energy generation sector while also looking at the possibilities of expanding operations through partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/20251124/Z_4 |