Thursday May 14, 2026
Thursday May 14, 2026
Thursday, 14 May 2026 00:00 - - {{hitsCtrl.values.hits}}
Vidullanka PLC is to invest approximately Rs. 2 billion for a 49% stake in Storex Ltd., following a restructuring of the project vehicle established to develop a portfolio of grid-scale Battery Energy Storage System (BESS) projects awarded by the Ceylon Electricity Board (CEB).
Vidullanka and WindForce PLC said they entered into a Share Sale and Purchase Agreement and a Shareholders’ Agreement on Tuesday relating to the restructuring of Storex.
Following the transaction, WindForce will hold 51% of Storex while Vidullanka will hold the remaining 49%.
The companies said the investment pertains to a portfolio of 12 BESS projects, each with a capacity of 10MW/40MWh, awarded by the CEB and being developed exclusively under Storex.
The disclosures also clarified the status of the Vavunathivu BESS project, which had earlier been awarded under a consortium arrangement between WindForce and Vidullanka.
According to the companies, the Vavunathivu project will continue to be developed separately under the consortium structure and does not form part of Storex.
WindForce had previously disclosed that 11 of the initial BESS project locations were secured directly by the company, while the Vavunathivu location was awarded through the consortium with Vidullanka. The company subsequently secured an additional standalone BESS project, increasing its total awarded portfolio to 13 locations.
The 12 locations awarded directly to WindForce are being developed under Storex.
WindForce said its equity investment in Storex now stands at Rs. 2.1 billion following the revised capital structure.
Vidullanka said Storex had already secured all necessary regulatory approvals and successfully achieved financial closure for the development of the 12 grid-scale BESS plants across Sri Lanka.
The companies described the partnership as a strategic initiative intended to strengthen project execution capabilities through collaborative engineering expertise, facilitate risk sharing, and support long-term value creation within Sri Lanka’s renewable energy sector.
BESSs are intended to support grid stability and energy management as Sri Lanka increases renewable energy integration into the national grid.
The projects are positioned as Sri Lanka’s first grid-scale BESS developments under the Storex platform.
