WindForce eyes new renewable energy projects in B’desh, Cameroon and Pakistan

From left: CSE Director Suren De Silva, CT CLSA Holdings Limited Director and Chief Operating Officer Zakir Mohamedally, CSE Director Jayantha Fernando, CSE CEO Rajeeva Bandaranaike, WindForce Ltd Chairman Ranil Pathirana, WindForce Ltd Founder Chairman Janak Hirdaramani, CSE Chairman Dumith Fernando, WindForce Ltd Vice Chairman Asgi Akbarally, WindForce Ltd Managing Director Manjula Perera, WindForce Ltd Director Moiz Najmudeen and CAL Managing Director Global Markets and Investment Banking Deshan Pushparajah

• Reveals plans to increase contribution from foreign power plants to 40%, from current 30%
• Says PPAs priced in US dollars are a major pull factor to expand operations in African continent 
• Says submitted bids for 100MW solar power plant in Pakistan

 Sri Lanka’s largest private sector renewable energy producer WindForce Limited PLC yesterday said it is eying renewable energy projects in several countries and revealed plans to enter Bangladesh and Cameroon shortly. 

The top officials and key shareholders of WindForce yesterday took part in the official Bell-Ringing Ceremony at the trading floor of the Colombo Stock Exchange (CSE), marking the listing of the company’s shares on the Main Board of the CSE.

Joining a Q&A session with reporters after the ceremony, WindForce Managing Director Manjula Perera said the company plans to increase the contribution of its foreign power plants to its total power generation capacity to a minimum of 40 percent, from the current 30 percent. 

To achieve this target, WindForce is eyeing new renewable power projects in new markets such as Bangladesh and Cameron as well as the existing markets such as Pakistan and Senegal. 

The company’s total power generation capacity stands at 218MW (effectively controlling 126MW) and 77 percent of the effective capacity based in Sri Lanka and the rest across Uganda, Pakistan and Ukraine.

However, with the commissioning of the 10MW new solar power plant in Uganda on May 10, this year, the total power generation capacity from foreign power plants is set to further increase.

Prime Minister Mahinda Rajapaksa is scheduled to open the 10MW power plant in Uganda, on May 10.

In Bangladesh, WindForce plans to capitalise on the presence of its key shareholder, Hirdaramani Group in the country. According to Perera, WindForce is eyeing solar and wind power plant projects in Bangladesh, in the range of 20-50MW.

Hirdaramani has apparel manufacturing operations in Bangladesh, employing around 25,000 workers, who are managed by 400 Sri Lankan mangers. 

Perera noted that WindForce has been invited to set up solar power plants in Cameroon. 

“We are also invited to set up solar power plants in Cameroon. It’s currently at the early stage. Africa is considered as one of our main markets. We have a strong track record in Africa. We have always completed power projects in time,” he added.

In particular, he pointed out that low electrification rates, which stand around 30-40 percent in the continent, provide ample opportunities for established players such as WindForce to develop and operate renewable energy projects.

Further, the power purchasing agreements (PPAs), which are priced in US dollars, also remain attractive for renewable energy producers, when compared to the PPAs offered by Sri Lankan authorities. 

Meanwhile, WindForce has also submitted bids for a 100MW solar power plant in Pakistan.

In addition, the company has also secured a tender for a 30MW solar plant with 7.5MW battery storage in Senegal.

Commenting on its Sri Lankan market, Perera emphasised that the country’s renewable energy sector has an immense potential, given the government’s aim to increase power generation from renewable energy sources to 70 percent by 2030, from the current 10-11 percent.

WindForce is currently working on setting up a 15MW wind power plant in Mannar.

In terms of LNG power plants, Perera remarked that its main focus is on renewable energies, although the company had participated in a tender for the LNG power plant in Kerawalapitya, with a joint venture partner. (NF)