WindForce announces LKR 3.2bn IPO to boost renewable energy in Sri Lanka & abroad

WindForce Limited, the pioneers in the growth and supply of renewable energy in Sri Lanka, has announced an Initial Public Offering (lPO)  that aims to raise Rs.3.24 billion to fund its strategic expansion and growth in the renewable energy sector.

The IPO offers 202,615,341 ordinary voting shares at Rs.16 per share and aims to raise Rs.3,241,845,456. The Joint Managers and Financial Advisors to the issue are CT CLSA Capital (Pvt) Limited and Capital Alliance Partners Limited. WindForce has been issued a [SL] AA- (stable) credit rating by ICRA Lanka, which is the highest rating given to a corporate in Sri Lanka at the time of the issuance by ICRA Lanka Limited.

WindForce plans to allocate a sum of Rs. 2,310 million as the equity investment for a wind power project in Mannar and a solar power project in Senegal. Remaining funds of Rs.932 million will be utilized for future projects the company intends to undertake in Sri Lanka or in other countries. The total installed capacity of the company will increase from 218MW to 263MW with the completion of the projects in the pipeline which would further strengthen the Company’s position as the largest renewable energy Independent Power Producer (IPP) in Sri Lanka and one of the largest in the region.

WindForce Limited Chief Executive Officer Lasith Wimalasena stated, “We are excited to officially enter the next phase of the company’s journey and contribute towards Sri Lanka’s economic growth and development through our renewable energy plants. Over the years, WindForce has successfully delivered high returns to our valued shareholders and we are thankful for the confidence and trust that they have placed in us. We are hopeful that this new IPO will boost our position as the largest Independent Power Producer in Sri Lanka and set the platform for even greater growth for years to come.”

Incorporated in July 2010 to promote and handle all aspects of renewable energy developments, WindForce Limited was the pioneer in wind power generation in Sri Lanka and one of the first players in solar power generation locally. Today, the company has state-of-the-art wind, solar and hydro power plants across island providing green electricity to the National Grid. As a result of its proven expertise and experience in conducting Feasibility

Studies, Design and Engineering Management, Procurement, Commissioning, Construction, Erection, Operation and Maintenance of power plants, WindForce is able to handle the entire life cycle of a power project. Over the years through its investments in the renewable energy space, the company has transformed to become the largest IPP in the renewable energy sector in Sri Lanka and has expanded operations globally, becoming the first Sri Lankan company to set up solar plants in Uganda, Pakistan, and Ukraine. Overall, the company currently operates 27 power plants with an installed capacity of 218MW of which 55.4% of the capacity (120.8MW) is based in Sri Lanka while the rest is based in Uganda, Pakistan and Ukraine.

WindForce has been in the forefront of introducing new technology in power generation to Sri Lanka through its world-class engineering team. The team is continuously engaged in innovative projects broadening the team’s engineering horizons and adaptation of new technology. Being driven by an entrepreneurial and unique management culture promoting innovation, agility, technical competence and challenge orientedness has enabled the company’s engineering team to standout as an all-rounder in the industry.