News & market updates

Sri Lanka's 160MW BOO battery storage tender drew many competitive bids (Rs2–3m per MW per month, about Rs17/kWh), with over 90% of bidders using Chinese batteries. Windforce was reported among the lowest bidders and its shares jumped ~26% on speculation.

Colombo Stock Exchange rose 0.23% (ASPI 22,372.57) as WindForce and diversified financials led trading. WindForce leased land for a 100MW solar project and had turnover of 308.9 million rupees; Dialog, HNB and NDB were also top contributors.

WindForce PLC signed a 24-year land lease with the Sri Lanka Sustainable Energy Authority for the 100 MW Rividhanavi solar project (rental LKR 50 million), effective 10 Oct 2025. The company says all key project contracts, including the PPA and transmission contract, are complete.

WindForce PLC signed a 24-year land lease with the Sri Lanka Sustainable Energy Authority for the 100 MW Rividhanavi solar project, with total lease rentals of Rs 50 million and an effective date of 10 Oct 2025. WindForce said all key project contracts, including the PPA, Implementation Agreement and Transmission Development Contract, have been concluded.

WindForce PLC has acquired a 51% stake in Safe Power International to develop a 10 MW wind project in Alankuda with an estimated cost of Rs. 4.2 billion. The project will be financed 75:25 debt-to-equity and is expected to boost WindForce's generation capacity and future earnings.

WindForce PLC acquired a 51% stake in Safe Power for LKR 535.5mn to develop a 10 MW wind farm in Alankuda; total project cost LKR 4.2bn to be financed 75:25 debt-to-equity, with WindForce equity LKR 535.5mn (LKR 231mn paid at signing).

Colombo market rebounded with the ASPI up 0.35% to 22,174.74 and turnover of Rs.13.3 billion amid upbeat sentiment after the IMF's positive review; the banking sector led turnover (48%) and Commercial Bank, DIMO, Bukit Darah, Carson and Wind were among top contributors.

IMF staff-level agreement gives Sri Lanka access to about US$347m and Colombo stocks closed higher; the ASPI rose 0.51% to 22,209.83. Turnover was Rs 13.3bn led by banks and diversified financials, with top contributors Commercial Bank, DIMO, Bukit Darah, Carson Cumberbatch and WindForce.

WindForce has acquired a 51% stake in Safe Power International to develop a Rs. 4.2 billion 10MW wind project in Puttalam. The project will be financed on a 75:25 debt-to-equity basis and Arinma Power will hold the remaining 49%.

WindForce PLC has acquired a 51% stake in Safe Power International to develop a 10 MW wind power project in Alankuda with an estimated cost of LKR 4.2 billion. The project will be financed 75:25 debt-to-equity and Arinma Power holds the remaining 49%.

WindForce PLC acquired a 51% stake in Safe Power International to develop a 10 MW wind project in Alankuda, Puttalam, with an estimated investment of LKR 4.2 billion financed 75:25 debt-to-equity. A Shareholder Agreement was signed on 3 October 2025 and WindForce said the project will support its future earnings and sustainability objectives.

Fitch assigned Hayleys Fentons Limited a National Long-Term Rating of A+(lka) with a Stable Outlook, citing its leading domestic rooftop solar market share that drove FY25 cash flow. Fitch noted a one‑notch uplift from parent Hayleys PLC and flagged execution and CEB offtaker risks for planned power projects.

Fitch assigned Hayleys Fentons Ltd a National Long-Term Rating of A+(lka) (Stable), citing market-leading rooftop solar sales, planned 149MW of generation projects and a one-notch uplift for support from parent Hayleys PLC.

Seylan Bank PLC has renewed its role as exclusive financier for Phase II of a 10 MW ground-mounted solar plant in Navatkadu, providing Rs. 3.5 billion in Islamic project financing for both phases; the project is promoted by Sooryashakthi Ltd., owned by Windforce PLC and Vidullanka PLC.

Seylan Bank (SEYB.N0000) acted as exclusive financier, providing a LKR 3.5 billion Islamic project financing facility for the 10 MW Phase II solar plant in Navatkadu promoted by Sooryashakthi (Windforce and Vidullanka). The plant feeds the national grid and expands renewable capacity.

Colombo Stock Exchange closed lower; ASPI fell 0.41% to 20,905.83 and S&P SL20 fell 0.82% to 5,955.36. Laugfs-related buying lifted several stocks (not in shortlist) while Windforce, C T Holdings, Hayleys and Carson Cumberbatch rose and most banks including HNB, Commercial Bank and DFCC lost ground.

Government breaks ground on the $140m Rividanavi Solar Power Park, a 100 MW project expected to add 219 GWh/yr to the grid and save Rs.21bn in diesel imports; the project is implemented by Rivi Danavi, a JV including WindForce PLC, and targets Q1 2027 completion.

WindForce PLC launched an Employee Share Option Scheme to issue up to 40,523,068 ordinary voting shares (3% of pre-ESOS issued shares), with the first tranche of 13,507,689 shares (1%) already granted. Shares vest in five tranches over five years for senior employees and exercise prices will be set by pre-grant VWAP.

Seylan Bank PLC’s Islamic Banking Unit won the 'Islamic Finance Deal of the Year' at the SLIBFI Awards 2025 for sole financing via a Diminishing Musharaka of a 10 MW solar project in Batticaloa costing over LKR 2.3 billion. The SPV Sooryashakthi is owned by Solar Universe, a JV of Vidullanka PLC and Windforce PLC.

WindForce will offer 40,523,068 ordinary shares (3% of issued shares) under an employee share option scheme to incentivise and retain key Level 1 and Level 2 management staff; the proposal is subject to regulatory and shareholder approval.

WindForce PLC commissioned the 10 MW Sooryashakthi solar plant in Vavunativu, Batticaloa on July 26, 2025, expected to supply about 19.5 GWh annually to the national grid. The project was developed in collaboration with Vidullanka PLC under WindForce's full EPC on 27 acres, using 22,048 PV modules and 34 string inverters.

WindForce PLC launched a 10 MW solar plant in Batticaloa in a joint venture with Vidullanka, expected to generate about 19.5 GWh a year; WindForce executed the EPC and said the project was completed on July 26.

WindForce PLC and Vidullanka PLC commissioned the 10 MW Sooryashakthi Solar Power Project in Vavunativu, which will deliver about 19.5 GWh annually to the national grid. Each holds a 50% stake, with WindForce leading EPC work converting 27 acres of high-salinity land.

WindForce PLC (WIND.N0000) signed a $297,389 EPC contract to install a 383 kWp rooftop solar PV system at Joy Island resort in the Maldives, to be completed within four months. The project aims to reduce the resort’s fossil fuel reliance and expands WindForce’s renewable energy portfolio.