Verified

WindForce records 20% y-o-y increase in revenue

WindForce PLC recorded 20% year-on-year revenue growth to Rs 5.61 billion for the six months ended 30 September 2026, a 12% increase in gross profit to Rs 3.21 billion and 5% growth in profit after tax to Rs 1.86 Billion.

Further, its first $ 5 million tranche received under an $ 18 million IFC financing facility. Financial closure has been achieved for the 100 MW Rividhanavi Solar Park, comprising Rs 22.736 billion and the LKR equivalent of $ 33 million in financing and guarantee facilities.

The company commissioned the 5 MW Diya Janani floating solar project at the Dambulu Oya Reservoir. Five standalone BESS facilities are scheduled to be commissioned by October 2026, providing a combined 50 MW/200 MWh of storage capacity.

The development pipeline exceeds 240 MW and includes the 50 MW Mullikulam and 10 MW Safe Power International wind projects. Consolidated revenue for the six months ended 30 September 2026 increased to Rs 5.61 billion from Rs 4.68 billion a year earlier. Gross profit rose to Rs 3.21 billion, while profit after tax reached Rs 1.86 billion, compared with Rs 1.77 billion in the corresponding period.

The receipt of the first $ 5 million tranche of the Company’s $ 18 million facility with the International Finance Corporation (IFC), a member of the World Bank Group, further strengthened access to long-term international capital.

These results were delivered despite renewable energy curtailments that caused an estimated Rs 193.57 million in foregone revenue during the period. Although the Public Utilities Commission of Sri Lanka has approved a compensation methodology and directed the National System Operator to compensate generators based on applicable energy purchase tariffs, discussions remain ongoing and the timing and recovery of compensation are uncertain.

In September 2026, the 100 MW Rividhanavi Solar Park at Siyambalanduwa achieved financial closure, securing Rs 22.736 billion and the LKR equivalent of $ 33 million in syndicated term loan and bank guarantee facilities. The consortium was led by Sampath Bank PLC, with Commercial Bank of Ceylon PLC, National Development Bank PLC and Nations Trust Bank PLC, enabling the project to progress into construction.