Industry Companies

Sri Lanka’s Vidullanka buys 49-pct stake of Solex

Sri Lanka energy firm Vidullanka said it entered into a share sale and purchase agreement and a shareholders’ agreement to buy a 49 percent equity stake in Storex (pvt) limited for around 2 billion rupees, with Wind Force holding the remaining 51 percent.

The investment pertains to a portfolio of 12 BESS projects (each with a capacity of 10 Mw 40Mwh) awarded by the Ceylon Electricity Board to WindForce, the company said in a market filing.

The twelve (12) locations awarded directly to Wind Force PLC are being developed under Storex, WindForce said.

Vidullanka and Wind Force together secured the rights to develop a 10 MW 40MWh BESS project in Vavunathivu, which continues to be developed separately under the existing consortium structure.

Storex has already secured all necessary regulatory approvals and achieved financial closure for the development of the 12 grid-scale BESS plants across Sri Lanka.

Source: Economy Next