WindForce to power national grid with additional capacity

• Solar Universe and Hiruras Power to add 10MW and 15MW to national grid
• 3Q22 group consolidated revenue reaches Rs.3.6bn 
• Bottom line increased by 4% YoY
• Hydropower revenue up by 25%; solar growth expands by 22%

WindForce PLC, the largest renewable energy developer in Sri Lanka, reinforced its commitment for greener energy choices by unveiling plans for commissioning two solar power plants by end-2022.

Efforts are underway to commission a 10MW solar power plant in Vavunathivu in May and 15MW Hiruras Wind Power Plant in Mannar by the end of the year.  

The company has already kicked off the initial stages of construction of the 15MW Hiruras Wind Power Plant in Mannar. The plant will use state-of-the-art gearless technology, which allows a greater efficiency and is in line with the global standards on wind production. 

With this additional capacity, WindForce said it would add a total output capacity of 25MW to the national grid this year. This will result in a saving of over 10 million litres of fuel annually and in tandem, the saving of valuable foreign exchange and also furthering energy security in the country, WindForce said in a statement yesterday.
For the third quarter 2022 (3Q22), the group recorded a consolidated revenue of Rs.3.6 billion. Profit after tax (PAT) increased by 4 percent to Rs.2.05 billion, from Rs.1.97 billion year-on-year (YoY).

The hydropower sector saw an impressive volume increase of 28 percent in hydropower generation, which is reflected in the YoY revenue growth of 25 percent.  

The consistently high rainfall experienced in catchment areas augmented a commendable performance by the Terraqua International, Energy Reclamation, HPD Power and Peak Power Delta plants, which all benefited from the favourable weather conditions, WindForce said.

The wind sector recorded a higher output generation compared to last year but with both Daily Life and PowerGen entering their second tier in operation and seeing a drop in tariff rate, a 10 percent revenue decline YoY in the nine-month period was observed.  

WindForce, which debuted on the Colombo Stock Exchange (CSE) in April 2021, has since declared an unprecedented dividend pay-out of Rs.1.76 billion.

WindForce, one of the first companies in Sri Lanka to enter solar power generation, saw its foresight reap astute results, when the solar sector posted a significant growth of 22 percent in the comparable nine months. 

This was due to notable contributions by the newly commissioned Tororo Solar Plant in Uganda in August 2020 and the newly-acquired rooftop solar plant Sky Solar (Pvt.) Limited, in September 2021.  

WindForce is also named as Fastest Growing Renewable Energy Company in Sri Lanka 2021 by GBO and is adding a pioneering initiative into its newly-acquired Solar Universe, which is a tri-party deal with Vidullanka PLC and HiEnergy Services (Pvt.) Limited.  

In an effort to introduce global best practices in sustainable energy to Sri Lanka, WindForce is initiating a pilot Agrivoltaic Plant infusing Agrovioltaic technology, which has the potential to add significant benefits for farmers, especially in mitigating climate risk and global warming impacts. Agrivoltaic systems place solar panels above agricultural crops and provide a good ratio between the use of arable land and production of solar power.