News & market updates

Colombo Stock Exchange slipped 0.39% midday to an ASPI of 22,684.52 as investors were unsettled by evolving Middle East tensions. John Keells Holdings and Central Finance were top negative contributors; Windforce announced intra-group transfer of three subsidiaries to Renewgen and its stock was down 0.84% at Rs.47.00.

Fitch published a National Long-Term Rating of 'A(lka)' on WindForce PLC's proposed senior unsecured redeemable debentures of up to LKR4 billion. Fitch cited WindForce's growing scale and PPAs but flagged high capex (~LKR40bn), leverage peaking at 9.0x in FY27 and concentration of cash flows from state-owned offtaker NSO.

Fitch published an 'A(lka)' National Long-Term Rating on WindForce PLC’s proposed senior unsecured redeemable debentures of up to LKR4 billion. Fitch cited structural subordination from secured subsidiary debt and significant capex—forecasting EBITDA net leverage to peak at 9.0x in FY27—while assigning a Stable outlook.

WindForce PLC proposed to raise Rs.4 billion by issuing 40 million listed, rated, senior, unsecured, redeemable Green Bonds at Rs.100 each, subject to regulatory approvals. As of end-December 2025 the company reported short-term borrowings of Rs.2.52bn, long-term borrowings of Rs.8.5bn and retained earnings of Rs.6.1bn; shares closed down Rs.0.20 at Rs.44.80.

WindForce Plc will issue up to 40 million listed green bonds to raise Rs4 billion. The company said details on tenure and interest rates will follow and noted a recent award to build a 10 MW/40 MWh BESS project costing Rs1.73 billion (80:20 debt-to-equity).

Colombo Stock Exchange rose as the ASPI gained 0.55% (116.65 pts) to 21,182.83, with bank stocks leading turnover of Rs.370 million. WindForce filed to issue up to 40 million green bonds to raise Rs.4 billion; top movers included Sampath, ACL Cables and Dialog while HNB and John Keells weighed on the index.

WindForce PLC received a Letter of Award on 20 March 2026 to develop a 10 MW/40 MWh grid-scale BESS in Panadura valued at Rs.1.73 billion under a 15-year BOO contract. This is WindForce's 13th standalone BESS project under the national program, financed on an 80:20 debt-to-equity basis with the company holding 100%.

ASPI fell 1.33% to 20,364.97 as the market reacted to Middle East tensions and rising crude oil prices. Market turnover was Rs.2.37bn, the market has lost over Rs.1.1tn since 28 Feb, primary negative contributors were DOCK, JKH, RIL, DIAL and CFIN, while JKH, SINS and DIAL saw largest foreign outflows and PKME, WIND and TAP largest inflows.

Colombo Stock Exchange closed lower as the ASPI fell 1.35% to 20,360.27 and the S&P SL20 slid 1.06% to 5,691.97. WindForce rose after winning a 10 MW/40 MWh BESS contract worth Rs1.73bn and was the top positive contributor, while Colombo Dockyard and John Keells were top negatives; turnover was Rs2.37bn.

WindForce (WIND.N0000) was awarded a 10 MW/40 MWh grid-scale BESS project in Panadura on 20 March 2026, the company's 13th under Sri Lanka’s national BESS programme. The 15-year BOO project will be fully owned by WindForce with an estimated investment of ~Rs.1.73 billion financed by debt and equity, supporting grid stability.

WindForce PLC has been awarded a contract to build a 10 MW/40 MWh standalone BESS in Panadura for 1.73 billion rupees under a Build–Own–Operate model. The company will hold 100% equity, finance it on an 80:20 debt-to-equity basis, and the 15-year project raises its BESS portfolio to 13 projects.

WindForce PLC appointed Sanjay Kulatunga as an Independent Non-Executive Director, a move the company says will strengthen its governance, strategic oversight and long-term decision-making.

WindForce PLC appointed Sanjay Kulatunga as an Independent, Non-Executive Director effective 3 March 2026, following the resignation of Dilshan Hettiaratchi. The company said the appointment strengthens its governance and strategic oversight.

WindForce PLC received Letters of Award for twelve standalone BESS projects totalling 120 MW / 480 MWh — Sri Lanka's largest grid-scale standalone BESS programme; eleven projects will be fully owned by WindForce and the Vavunathivu project will be a consortium with Vidullanka PLC.

WindForce PLC received Letters of Award (16 Feb 2026) for twelve standalone BESS projects totalling 120 MW/480 MWh, Sri Lanka's largest grid-scale BESS programme. Eleven projects will be fully owned by WindForce and the Vavunathivu project will be developed in consortium with Vidullanka PLC.

WindForce secured Letters of Award for 12 standalone BESS projects totalling 120 MW/480 MWh with a combined investment of Rs. 20.79 billion under Sri Lanka’s first grid-scale standalone BESS program. Projects are to be developed on a 15-year BOO basis (80:20 debt-to-equity); WindForce will hold 100% in 11 sites and 50% with Vidullanka at Vavunathivu.

WindForce was awarded 12 standalone BESS projects (120 MW / 480 MWh, ~LKR 20.79bn) and Vidullanka secured the 10 MW / 40 MWh Vavunathivu project (~LKR 1.73bn) under CEB's first grid-scale storage programme. Projects are BOO with a 15-year operating period and ~80:20 debt-to-equity financing; WindForce will fully own 11 projects and partner with Vidullanka on Vavunathivu.

Fitch has affirmed WindForce PLC's National Long-Term Rating at 'A+(lka)' with a Stable Outlook. Fitch notes WindForce's planned capex of over LKR40bn, EBITDA net leverage rising to ~6.8x in FY27 before easing to ~4.6x by FY28, and concentration risk from CEB accounting for over 80% of EBIT.

WindForce PLC was awarded the Letter of Award by the Ceylon Electricity Board for Lot 1 of the 50 MW Mullikulam Wind Power Project, confirming it as the Lowest Cost Bidder. The award follows regulatory approvals and places the project in the Mannar wind corridor, adding renewable capacity.