Wind Force commences development of a 10 MW solar power project in Kebithigollewa
The Morning: Wind Force PLC has officially signed the Power Purchase Agreement (PPA) for the development of the 10 MW Kebithigollewa Solar Power Project. This momentous event marked the commencement of the project and was attended by key stakeholders, including Ceylon Electricity Board (CEB) Chairman N.S. Ilangakoon, Wind Force PLC Managing Director Manjula Perera, and Wind Force PLC Chief Executive Officer Lasith Wimalasena.
Wind Force PLC’s acquisition of a 92% stake in Kebithigollewa Solar Power (Pvt.) Ltd. represents a major leap forward in Sri Lanka’s solar energy landscape. The total investment for this groundbreaking project is estimated at around Rs. 2.7 billion, with a projected Equity Internal Rate of Return (EIRR) exceeding 15%. Project development is already underway, with completion expected by July 2024.
Wind Force PLC Managing Director Manjula Perera stated: “This acquisition and the subsequent development of the Kebithigollewa Solar Power Project indicate a significant achievement for Wind Force PLC. We remain steadfast in our commitment to promoting renewable energy adoption in Sri Lanka and supporting the country’s sustainable growth. This project exemplifies our dedication to clean energy and our determination to contribute to a greener and more environmentally conscious future.”
In addition to generating clean energy, the Kebithigollewa Solar Power Project will create job opportunities and stimulate economic growth in the Anuradhapura District. Wind Force PLC is devoted to collaborating closely with local communities and authorities to ensure the successful and sustainable implementation of this initiative.
OSL take:
Sri Lanka’s power industry, especially the renewable energy sector, has become a hotspot for business/investment opportunities. With Sri Lanka working towards becoming an emerging business destination in the South Asian region and the expanding economic activities have increased the demand for power and energy in the country. The government of Sri Lanka is focused on increasing the country’s power generation to 70% renewable and clean energy generation resulting in an increasing demand for renewable energy generation projects. The growth and profits recorded by local businesses engaged in the renewable energy sector are clear indications of the growing business potential in the sector. Also, many international energy businesses have entered into the local renewable energy market. Foreign businesses/investors could therefore explore the expanding business/investment opportunities in Sri Lanka’s renewable energy sector. They could also look at forming partnerships or joint ventures with local businesses engaged in the industry with the aim of expansion.
| Article Code : | VBS/AT/20230912/Z_1 |