WindForce declares total dividend pay-out of Rs. 1.76 b

Thursday, 9 December 2021 00:26 - - {{hitsCtrl.values.hits}}

8.1% return to shareholders at IPO subscription price
Named Fastest Growing Renewable Energy Company in Sri Lanka for 2021 by GBO

Sri Lanka’s largest renewable energy developer continued augmenting investor confidence by declaring a dividend of Rs. 743 million, totalling a dividend pay-out of Rs. 1.76 billion for this year.

The earlier dividend of Rs. 1.01 billion declared in June 2021, just two months after its heavily subscribed IPO in April – the largest IPO in Sri Lanka since 2013 – bolstered significant investor confidence at a time of lacklustre sentiment in Sri Lanka’s capital markets.

This positivity was further augmented when WIND shares began trading considerably above its debut price. ICRA Lanka awarding WindForce the highest ever rating conferred on a Sri Lankan corporate at the time of issuance – (SL) AA- (stable) – was an added fillip to investor mindset.

WindForce has been consistent with its ROI to shareholders giving 8.1% on its IPO subscription price. In context, the 8.1% rate of return on investment is significantly higher than prevailing rates by local banks.

The commitment to exploring alternate energy for greener energy choices saw WindForce pioneering wind power generation in Sri Lanka and also become one of the first to enter solar power generation at a utility scale.

It is also the first Sri Lankan company to install solar plants in Uganda, Pakistan and Ukraine. Having recently acquired Sky Solar Ltd., a rooftop solar plant and with Solar Universe Ltd., a 10 MW solar power plant currently under construction, as well as their newest 15 MW wind power plant commencing construction in February 2022, the WindForce portfolio will hold a noteworthy 30 plants in renewable energy. This pioneering stance was aptly rewarded with the award for the Fastest Growing Renewable Energy Company in Sri Lanka at the Global Business Outlook Awards 2021.

Once projects in the pipeline are added in, WindForce said it would have a total output capacity of 245 MW reaffirming the company’s premier status as Sri Lanka’s largest Independent Power Producer (IPP) in renewable energy and among the largest in the region.