WindForce PLC sees strong growth amid renewable expansion
August 16, Colombo (LNW):WindForce PLC, a leading player in Sri Lanka’s renewable energy sector, has demonstrated remarkable financial growth in the first quarter of the 2024/25 fiscal year.
The company reported a significant 87% increase in EBITDA, reaching LKR 1.95 billion, up from LKR 1 billion in the same period last year. This growth underscores WindForce’s strategic advancements and strong market presence.
The company’s consolidated revenue for the quarter ending June 30, 2024, rose by 28% to LKR 1.56 billion, compared to LKR 1.22 billion in the previous year. Net profits also saw a notable increase of 27%, climbing to LKR 652 million from LKR 514 million recorded in the first quarter of the prior year.
A key driver of this success was the commissioning of the Hiruras 15 MW wind power plant in June/July 2023. This project significantly boosted WindForce’s production capacity and revenue. The wind energy sector, in particular, experienced a 37% increase in revenue.
The hydro sector also performed well, with a 67% rise in electricity generation revenue, supported by the addition of the Mahoma plant as a subsidiary in January 2024, which contributed an extra LKR 74 million to the group’s earnings.
WindForce’s commitment to renewable energy was further recognized when its subsidiary, Solar Universe (PVT) Ltd, won the Gold trophy for outstanding solar power initiatives, and the Bulathwatte mini hydro power plant received the Bronze trophy in the mini hydro power category.
The company is focused on consolidating its projects within Sri Lanka over the next two years, according to Managing Director Manjula Perera. Despite economic challenges,
WindForce managed to develop two power plants: a 10 MW solar power plant in Vavunathivu, Batticaloa, and a 15 MW wind power plant in Mannar district.
This commitment was recognized by the Ministry of Power, which awarded WindForce two additional renewable energy projects—a 10 MW solar and a 15 MW wind project in the same locations.
WindForce, in partnership with LTL Holdings’ subsidiary Lakdhanavi and Singapore’s renewable energy company The Blue Circle, secured a major contract from the Ceylon Electricity Board (CEB) on August 16, 2023.
This project involves the construction of a US$ 152 million solar power plant with a transmission facility in Siyambalanduwa, Moneragala district, which will increase Sri Lanka’s installed renewable energy capacity by one-third.
Overseas, WindForce’s projects are progressing smoothly, with two solar power plants in Pakistan and Uganda, and additional hydro and solar plants in Uganda.
The company’s 10 MW solar power plant in Ukraine has continued to operate despite the ongoing conflict, generating power steadily.
Mr. Perera also expressed support for the new Electricity Act, which aims to restructure the energy sector and introduce power wheeling.
This restructuring would allow power generators to directly contract with customers, potentially transforming the market dynamics in Sri Lanka’s energy sector.
