WindForce, Vidullanka ink share sale and purchase agreement with Hi-energy

WindForce PLC and Vidullanka PLC have entered into a definitive share sale and purchase agreement with Hi-energy Services (Private) Limited last week, a filing to the Colombo Stock Exchange (CSE) said.
Accordingly, WindForce and Vidullanka will acquire the 36,500,000 ordinary voting shares of Solar Universe (Private) Limited held by Hi Energy Services (Private) Limited. The acquisition will be for a consideration of Rs. 370 million.

The share of investment of WindForce and Vidullanka will be at Rs.185 million each to acquire 18,250,000 shares each.
The transaction once completed will result in the shareholding of WindForce PLC and Vidullanka in Solar Universe increasing from 33.3 percent to 50 pecent.

A new shareholder agreement is to be signed between WindForce PLC and Vidullanka PLC. 
Solar Universe Limited owns and operates the 10MW Vavunathivu solar power plant in the Batticaloa District. Suryashakthi (Pvt) Ltd., a wholly owned subsidiary of Solar Universe (Private) Limited, is licensed to develop and operate the Vavunathivu II solar power plant with an installed capacity of 10MW in the Batticaloa District.