Thursday Dec 12, 2024
Thursday Dec 12, 2024
Monday, 13 September 2021 00:26 - - {{hitsCtrl.values.hits}}
WindForce PLC, the pioneer of renewable energy in Sri Lanka, is set to acquire Sky Solar Ltd., owned by Sunshine Energy Ltd., for Rs. 265 million.
WindForce signed a share sale and purchase agreement for 100% of the controlling stake of the company. Sky Solar currently owns and operates 2.2 MW of rooftop solar at eight factories located in and around Colombo.
Having been in the renewable energy industry for over a decade, WindForce has established 27 plants across Sri Lanka, Pakistan, Uganda, and Ukraine, and continues to bring new projects under its wing. “The acquisition of Sky Solar will increase the company’s installed capacity from 218 MW to 220.2MW, and bring its number of rooftop solar plants in operation to three,” WindForce said.
The company said after the initiation of net metering in Sri Lanka in 2011, the contribution of rooftop solar to the national grid rose to 31 MW in a short period of five years via domestic systems. “Investments in the rooftop solar industry have proven to be a more cost-effective, sustainable alternative to non-renewable energy resources in the long run,” it added.
Being at the forefront of the renewable energy industry in Sri Lanka, WindForce said it continues to expand and bring the country forward through the latest technology and innovation, contributing to Sri Lanka’s efforts towards attaining 70% renewable energy by 2030.
In May, WindForce acquired 92.5% stake in Fairway Waste Management Ltd. for an undisclosed amount. The entity was set up to develop 500 tons/per day energy from waste at Karadiyana and generate 10MW power to the national grid.
In April, WindForce bought 33.33% stake in Solar Universe, which holds the right to develop a 10 MW ground-mounted solar power plant in Vavunathivu.
