The shares of WindForce Limited, the pioneers in the growth and supply of renewable energy in Sri Lanka, will commence trading on the Main Board of the Colombo Stock Exchange (CSE) from April 22, 2021 onwards, following its highly-successful Initial Public Offering (IPO). The strong showing of the shares on the opening days of trading highlights the investors’ confidence in Sri Lanka’s biggest and fastest growing producer of renewable energy.
The WindForce Limited IPO of Rs. 3.2 billion, the largest at the CSE since 2011, attracted 1,654 applications amounting to a value of Rs. 25.7 billion. The company offered 202,615,341 shares at an issue price of Rs.16.00 per share and was oversubscribed by nearly 8 times on the initial day.
WindForce has been issued a [SL] AA- (stable) credit rating by ICRA Lanka, which is the highest rating given to a corporate in Sri Lanka at the time of the issuance by ICRA Lanka Limited.
Incorporated in July 2010 to promote and handle all aspects of renewable energy developments, WindForce Limited is the pioneer in wind power generation in Sri Lanka and one of the first players in solar power generation locally. Today, the company has state-of-the-art wind, solar and hydro power plants across the island providing green electricity to the National Grid.
As a result of its proven expertise and experience in conducting Feasibility Studies, Design and Engineering Management, Procurement, Commissioning, Construction, Erection, Operation and Maintenance of power plants, WindForce is able to handle the entire life cycle of a power project.
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 Pakistan, Uganda and Ukraine. Overall, the company currently operates 27 power plants with an installed capacity of 218MW of which 55.4% of the capacity (120.8MW) is based in Sri Lanka while the rest is based internationally.
WindForce plans to allocate a sum of Rs. 2,310 million as the equity investment for a wind power project in Mannar and a solar power project in Senegal. Remaining funds of Rs. 932 million will be utilized for future projects the company intends to undertake in Sri Lanka or in other countries.
The total installed capacity of the company will increase from 218MW to 263MW with the completion of the projects in the immediate pipeline which would further strengthen the Company’s position as the largest renewable energy Independent Power Producer (IPP) in Sri Lanka and one of the largest in the region.
WindForce has been in the forefront of introducing new technology in power generation to Sri Lanka through its world-class engineering team. The team is continuously engaged in innovative projects broadening the team’s engineering horizons and adaptation of new technology.
Being driven by an entrepreneurial and unique management culture promoting innovation, agility, technical competence and challenge orientedness has enabled the company’s engineering team to standout as an all-rounder in the industry.