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Sri Lanka’s WindForce plans to raise LKR3.2bn IPO for renewable energy investment here and abroad

ECONOMYNEXT – WindForce Limited, a diversified renewable energy producer in Sri Lanka is seeking to raise a 3.2-billion-rupee initial public offering to expand and fund a wind power project in Mannar and a solar power project in Senegal.

WindForce is one of the largest Independent Power Producers in Sri Lanka which has projects in Pakistan, Uganda and Ukraine

The firm wants to sell 202 million shares at 16 rupees each and aims to raise LKR3,241 million.

The firm plans to use 2,310 million rupees as the equity investment for the wind power project in Mannar and a solar power project in Senegal.

The remaining funds of 932 million rupees will be utilized for future projects the company intends to undertake in Sri Lanka or in other countries.

The firm currently produces 218MW and with the added investment the capacity will be 263MW.

By 2025 it aims to achieve an installed capacity of 500MegaWatts by 2025 by diversifying into foreign markets

“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,” Lasith Wimalasena, Chief Executive Officer of WindForce Limited said.

“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.”

The firm currently operates 27 power plants with an installed capacity of 218 Megawatts of which 55.4 per cent of the capacity (120.8MW) is based in Sri Lanka while the rest is based in Uganda, Pakistan and Ukraine.

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“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,” Wimalasena said.

The company commenced its operations in 2010 to promote and handle all kinds of renewable energy and is one of the pioneers of wind energy in Sri Lanka.

The firm says it has the capacity to provide state-of-the-art wind, solar and hydro power plants across the island providing green electricity to the National Grid.

WindForce has a [SL] AA- (Stable) credit rating by ICRA Lanka.

The Joint Managers and Financial Advisors to the issue are CT CLSA Capital (Pvt) Limited and Capital Alliance Partners Limited. (Colombo/March09/2021) Reported by Mahadiya Hamza

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