WindForce

{{about|the Sri Lankan renewable energy company called "WindForce PLC"|the measure of wind speed|Beaufort scale}}

{{Infobox company

| name = WindForce PLC

| former_name = WindForce Limited

| logo = WindForce_logo.jpg

| logo_caption = Logo of WindForce PLC

| image = SeguwantivuWindFarm-Srilanka.jpg

| image_caption = Wind turbines of Seguwantivu Wind Farm

| type = Public

| traded_as = {{Colombo Stock Exchange|WIND.N0000}}

| ISIN = {{ISIN|sl=n|pl=y|LK0461N00000}}

| industry = {{Unbulleted list|Utility industry|Renewable energy}}

| founded = {{Start date and age|2010}}{{cite web |title=Windforce Ltd. |url=https://www.wsj.com/market-data/quotes/LK/XCOL/WINDN0000/company-people |website=wsj.com |publisher=Dow Jones & Company |access-date=21 August 2021}}

| hq_location_city = Colombo

| hq_location_country = Sri Lanka

| key_people = {{Unbulleted list|Ranil Pathirana (Chairman)|Manjula Perera (Managing Director)}}

| revenue = {{increase}} LKR4,953 million

| revenue_year = 2023

| operating_income = {{increase}} LKR3,018 million

| income_year = 2023

| net_income = {{decrease}} LKR1,783 million

| net_income_year = 2023

| assets = {{increase}} LKR39,802 million

| assets_year = 2023

| equity = {{increase}} LKR25,199 million

| equity_year = 2023

| owners = {{Unbulleted list|Akbar Brothers Pvt Ltd. (36.48%)|Hirdaramani Pvt Ltd. (20.67%)}}

| num_employees = 155

| num_employees_year = 2023

| website = {{URL|https://windforce.lk}}

| footnotes = {{cite web |title=Annual Report 2022/23 |url=https://cdn.cse.lk/cmt/upload_report_file/2173_1686044204434.pdf |website=cse.lk |publisher=WindForce PLC |access-date=4 January 2024}}

}}

WindForce PLC is the largest renewable energy private sector company in Sri Lanka.{{cite news |last1=Fernando |first1=Nishel |title=Windforce plans Rs.3.2bn IPO on CSE |url=https://www.dailymirror.lk/business-news/Windforce-plans-Rs-3-2bn-IPO-on-CSE/273-206039 |access-date=21 August 2021 |work=dailymirror.lk |publisher=Wijeya Newspapers |date=18 February 2021}} The company was incorporated in 2010 and in 2021 was listed on the Colombo Stock Exchange. The company commission, construct and operate power plants and generate power through wind, solar and hydropower.

History

The company is incorporated in July 2010 and listed on the Colombo Stock Exchange in 2021.{{cite news |title=WindForce to expand local and overseas footprint |url=http://archives1.sundayobserver.lk/2021/04/25/business/windforce-expand-local-and-overseas-footprint |access-date=21 August 2021 |work=Sunday Observer |publisher=Associated Newspapers of Ceylon |date=25 April 2021}}

=IPO=

In 2021, through an initial public offering (IPO), the company was planned to raise up to LKR3.2 billion by offering a stake of 15% in the company. With the capital raised through the IPO the company is planning to build a 15MW wind plant in Mannar, Sri Lanka and a 30MW solar plant with 7.5MW battery storage in Senegal. The company is expected to become the largest renewable energy company, exceeding the second-placed company by over five times. WindForce's IPO was the largest since in 2011 in the Colombo Stock Exchange. It attracted 1,654 applications amounting to LKR25.7 billion, oversubscribing by nearly eight times on the first day of the IPO.

=Post-IPO trading=

The company declared an interim dividend for the financial year 2021/22, which corresponds to a LKR0.75 dividend per share yielding a 4.75% return. WindForce acquired 33.3% of stake in Solar Universe (Pvt) Ltd, a solar power plant in Vavunathivu. Vidullanka PLC and HiEnergy Services (Pvt) Ltd are the other two stakeholders of the plant and will add 10MW to the National Grid annually.{{cite news |title=WindForce, Vidullanka and HiEnergy to add 10MW solar energy to National Grid |url=https://www.dailynews.lk/2021/04/20/business/247010/windforce-vidullanka-and-hienergy-add-10mw-solar-energy-national-grid |access-date=21 August 2021 |work=dailynews.lk |publisher=Associated Newspapers of Ceylon |date=10 April 2021}} The company acquired a 500 tons per day waste to energy plant from Fairway Holdings,{{cite news |title=WindForce declares over 1 bn dividends with a strong performance |url=https://www.lankabusinessonline.com/windforce-declares-over-1-bn-dividends-with-a-strong-performance/ |access-date=21 August 2021 |work=lankabusinessonline.com |publisher=Lanka Business Online (PVT) LTD |date=4 June 2021}} the company acquired 92.5 per cent of the stake. The plant is located in Karadiyana, 15km from Colombo.{{cite news |title=WindForce to develop Karadiyana Waste to Energy Power Plant |url=http://bizenglish.adaderana.lk/windforce-to-develop-karadiyana-waste-to-energy-power-plant/ |access-date=21 August 2021 |work=adaderana.lk |publisher=Ada Derana |date=24 May 2021}} In June 2021, the company received the Cabinet approval to build the planned wind power plants in Mannar.{{cite news |title=Sri Lanka cabinet clears Windforce plant in high-wind Mannar |url=https://economynext.com/sri-lanka-cabinet-clears-windforce-plant-in-high-wind-mannar-83066/ |access-date=21 August 2021 |work=economynext.com |publisher=Echelon Media (PVT) Ltd. |date=16 June 2021}}

Operations

The company is an independent power producer with an installed capacity of 218 megawatts.{{cite web |title=Windforce Ltd |url=https://markets.ft.com/data/equities/tearsheet/profile?s=WIND.N0000:CSE |website=ft.com |publisher=Financial Times |access-date=21 August 2021}} 77% of the effective capacity is based in Sri Lanka and the rest is based in Pakistan, Ukraine and Uganda. The company operates 27 power plants.{{cite news |title=WindForce |url=https://lmd.lk/windforce/ |access-date=21 August 2021 |work=LMD |publisher=Media Services (Private) Limited |date=4 March 2021}} Seven of the plants are wind power plants while 10 is solar plants and the other 10 are mini-hydropower plants.{{cite news |title=Windforce IPO twice oversubscribed at retail level itself |url=https://www.ft.lk/front-page/Windforce-IPO-twice-oversubscribed-at-retail-level-itself/44-715718 |access-date=21 August 2021 |work=ft.lk |publisher=Wijeya Newspapers |date=1 April 2021}} The company is planned to develop a solar power plant in Cameroon and is looking for opportunities in Bangladesh and Africa.

=Wind farms=

Power station	Capacity (MW)	Location	Stake %
class="wikitable sortable"
Beta Power	10.0	Kilinochchi	66.40
Daily Life	10.0	Puttalam	95.83
Joule Power	10.0	Kilinochchi	66.40
Nirmalapura	10.0	Puttalam	49.00
Powergen	10.0	Puttalam	100
Seguwantivu	9.6	Puttalam	100
Vidatamunai	9.6	Puttalam	100

=Solar farms=

Power station	Capacity (MW)	Location	Stake %
class="wikitable sortable"
Harappa Solar	18.0	Harappa, Pakistan	12.85
Hirujanani	2.1	Roof tops in Sri Lanka	66.00
Gharo Solar	50.0	Gharo, Pakistan	30.00
Semypolky Solar	10.6	Brovarskiy, Ukraine	12.50
Seruwawila	1.0	Vavuniya	90.00
Solar One	10.0	Welikanda	50.00
Sunny Clime	1.0	Vavuniya	90.00
Suryadhanavi	11.4	Roof tops in Sri Lanka	88.00
Tororo PV Power	10.0	Tororo, Uganda	80.00
Vydexa	10.0	Vavuniya	76.13

=Hydroelectric power stations=

Power station	Capacity (MW)	Location	Stake %
class="wikitable sortable"
Energy Reclamation	0.8	Sitagala	100.00
Gurugoda Hydro	1.2	Kegalle	50.00
H.P.D. Power	3.2	Dambulla	100.00
Mahoma Uganda	2.7	Mahoma, Uganda	36.00
Melanka Power	3.8	Haldummulla	100.00
Peak Power	2.0	Ginigathhena	100.00
Terraqua International	1.3	Halathura Ganga	100.00
Terraqua Kokawita	1.2	Kalawana	100.00
Vidul Madugeta	2.5	Neluwa	50.00
Ziba	7.6	Kyambura, Uganda	25.50

Source: Annual Report 2020/21{{cite web |title=Annual Report 2020/21 |url=https://cdn.cse.lk/cmt/upload_report_file/2173_1633000798214.pdf |website=cse.lk |publisher=WindForce PLC |access-date=1 January 2022}}