14 December 2022 12:11 am Views - 633
Leading renewable energy producer Windforce PLC is gearing to venture into the electric vehicle (EV) market.
According to the November monthly newsletter of Tundra Sustainable Frontier Fund which is a shareholder of Windforce, the company is looking to initially sell EV conversion kits to make existing three-wheelers electric ones.
“They are also planning to start the assembly of electric motorbikes and 3-wheelers to help reduce petrol consumption (a drain on FX reserves) as well as use a more sustainable energy source for transportation,” the newsletter stated.
“By offering financing help, the investment will be cashflow positive from day one,” it added.
As at September 30, 2022, Tundra Sustainable Frontier Fund held 5.55 percent of Windforce.
WindForce recently marked another commemorable milestone with the 10MW agrovoltaic plant, Solar Universe. It is the first agrovoltaic plant in Sri Lanka.
WindForce’s total installed capacity is set to increase to 245MW by the end of FY22/23 with an effective capacity of 146.5MW.
Tundra newsletter noted that Windforce had not abandoned its ambition to expand its renewable energy portfolio but are reviewing projects based on the adjusted tariffs set to come shortly.