WindForce commissions 10 MW wind project in Alankuda, Puttalam
The Morning: WindForce PLC has strengthened its leadership in Sri Lanka’s renewable energy sector by acquiring a 51% equity stake in Safe Power International (Pvt) Ltd., a company established to develop a new 10 MW wind power project in Alankuda, Puttalam.
The remaining 49% stake in Safe Power International is held by Arinma Power (Pvt) Ltd. A Shareholder Agreement formalising this partnership was signed on 3 October.
The project, with an estimated total investment of Rs. 4.2 billion, will be financed through a 75:25 debt-to-equity structure.
WindForce stated that this investment aligns with its strategic expansion plans in the renewable energy space and is expected to contribute positively to the company’s future earnings and sustainability objectives.
OSL take:
Sri Lanka’s power industry, especially the renewable energy generation sector, is a hotspot for business/investment opportunities given the overall economic expansion in the country and the increasing demand for power. Apart from the country’s expanding economy and the increasing demand, the Sri Lankan government’s commitment to increase the renewable energy component to 70% of the total power mix, has added to the overall expansion in Sri Lanka’s renewable energy generation sector. The growth and profits recorded by local businesses in the country’s renewable energy generation sector and the interest shown by foreign businesses engaged in the global renewable energy, are indicative of the increasing business potential in Sri Lanka’s renewable energy generation sector. Given that Sri Lanka is on the path to becoming a hub in the South Asian region, the business/investment opportunities in the country’s renewable energy generation sector will continue to expand, presenting many lucrative business ventures for foreign businesses/investors on the lookout for opportunities in Sri Lanka.
| Article Code : | VBS/AT/20251013/Z_1 |