WindForce PLC is the largest

renewable energy Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind pow ...

private sector company in

Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...

. The company was incorporated in 2010 and in 2021 was listed on the

Colombo Stock Exchange The Colombo Stock Exchange (CSE) (; ) is the main stock exchange in Sri Lanka that utilizes an electronic trading platform. The CSE headquarters have been located at the World Trade Center (Colombo) Towers in Colombo since 1995, and it has regi ...

. The company commission, construct and operate power plants and generate power through

wind Wind is the natural movement of atmosphere of Earth, air or other gases relative to a planetary surface, planet's surface. Winds occur on a range of scales, from thunderstorm flows lasting tens of minutes, to local breezes generated by heatin ...

solar Solar may refer to: Astronomy * Of or relating to the Sun ** Solar telescope, a special purpose telescope used to observe the Sun ** A device that utilizes solar energy (e.g. "solar panels") ** Solar calendar, a calendar whose dates indicate t ...

and

hydropower Hydropower (from Ancient Greek -, "water"), also known as water power or water energy, is the use of falling or fast-running water to Electricity generation, produce electricity or to power machines. This is achieved by energy transformation, ...

History

The company is incorporated in July 2010 and listed on the Colombo Stock Exchange in 2021.

IPO

In 2021, through an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

(IPO), the company was planned to raise up to LKR3.2 billion by offering a stake of 15% in the company. With the capital raised through the IPO the company is planning to build a 15MW wind plant in

Mannar, Sri Lanka Mannar (, ; , , formerly spelled Manar) is the main town of Mannar District, Northern Province, Sri Lanka. It is governed by an Urban Council. The town is located on Mannar Island overlooking the Gulf of Mannar and is home to the historic Kethee ...

and a 30MW solar plant with 7.5MW battery storage in Senegal. The company is expected to become the largest renewable energy company, exceeding the second-placed company by over five times. WindForce's IPO was the largest since in 2011 in the Colombo Stock Exchange. It attracted 1,654 applications amounting to LKR25.7 billion, oversubscribing by nearly eight times on the first day of the IPO.

Post-IPO trading

The company declared an interim dividend for the financial year 2021/22, which corresponds to a LKR0.75 dividend per share yielding a 4.75% return. WindForce acquired 33.3% of stake in Solar Universe (Pvt) Ltd, a solar power plant in

Vavunathivu Vavunathivu (Vavuna-thivu) is a town in Batticaloa District, Sri Lanka. It is located about 5 km Southwest of Batticaloa or 15 km Northwest of Kokkadichcholai. See also *Kokkadichcholai Kokkadichcholai () is a village in Batticaloa ...

. Vidullanka PLC and HiEnergy Services (Pvt) Ltd are the other two stakeholders of the plant and will add 10MW to the National Grid annually. The company acquired a 500 tons per day

waste to energy Waste-to-energy (WtE) or energy-from-waste (EfW) refers to a series of processes designed to convert waste materials into usable forms of energy, typically electricity or heat. As a form of energy recovery, WtE plays a crucial role in both wa ...

plant from Fairway Holdings, the company acquired 92.5 per cent of the stake. The

plant Plants are the eukaryotes that form the Kingdom (biology), kingdom Plantae; they are predominantly Photosynthesis, photosynthetic. This means that they obtain their energy from sunlight, using chloroplasts derived from endosymbiosis with c ...

is located in Karadiyana, 15km from Colombo. In June 2021, the company received the Cabinet approval to build the planned wind power plants in Mannar.

Operations

The company is an

independent power producer An independent power producer (IPP) or non-utility generator (NUG) is an entity that is not a public utility but owns facilities to generate electric power for sale to utilities and end users. NUGs may be privately held facilities, corporations ...

with an

installed capacity Nameplate capacity, also known as the rated capacity, nominal capacity, installed capacity, maximum effect or gross capacity,megawatts The watt (symbol: W) is the unit of power or radiant flux in the International System of Units (SI), equal to 1 joule per second or 1 kg⋅m2⋅s−3. It is used to quantify the rate of energy transfer. The watt is named in honor o ...

. 77% of the effective capacity is based in Sri Lanka and the rest is based in Pakistan, Ukraine and Uganda. The company operates 27 power plants. Seven of the plants are wind power plants while 10 is solar plants and the other 10 are mini-hydropower plants. The company is planned to develop a solar power plant in Cameroon and is looking for opportunities in Bangladesh and Africa.

Wind farms

Solar farms

Hydroelectric power stations

Source: Annual Report 2020/21

References

External links

Official website
{{All Share Price Index 2010 establishments in Sri Lanka Energy companies established in 2010 Renewable energy companies of Asia Companies listed on the Colombo Stock Exchange Electric power companies of Sri Lanka