Sri Lanka’s largest renewable energy developer continued augmenting investor confidence by declaring a dividend of LKR 743 Mn, totaling a dividend pay-out of LKR 1.76 Bn for this year.
The earlier dividend of LKR 1.01 Bn declared in June 2021, just two months after its heavily subscribed IPO in April – the largest IPO in Sri Lanka since 2013, bolstered significant investor confidence at a time of lacklustre sentiments in Sri Lanka’s capital markets. This positivity was further augmented when WIND shares began trading considerably above its debut price.
ICRA Lanka awarding WindForce the highest ever rating conferred on a Sri Lankan corporate at the time of issuance – (SL) AA- (stable) – added fillip to investor mindset.
WindForce has been consistent with its ROI to shareholders giving 8.1% on its IPO subscription price, which in context, the 8.1% rate of return on investment is significantly higher than prevailing rates by local banks.
The commitment to exploring alternate energy for greener energy choices saw WindForce pioneering wind power generation in Sri Lanka and also become one of the first to enter solar power generation at a utility scale. It is also the first Sri Lankan company to install solar plants in Uganda, Pakistan and Ukraine.
Having recently acquired Sky Solar (Pvt) Limited, a rooftop solar plant and with Solar Universe (Pvt) Limited a 10 MW solar power plant currently under construction as well as their newest 15 MW wind power plant commencing construction in February 2022, the WindForce portfolio will hold a noteworthy 30 plants in renewable energy. This pioneering stance was aptly rewarded with the award for the Fastest Growing Renewable Energy Company in Sri Lanka at the Global Business Outlook Awards 2021.
Once projects in the pipeline are added in, WindForce will have a total output capacity of 245 MW reaffirming the company’s premier status as Sri Lanka’s largest Independent Power Producer (IPP) in renewable energy and among the largest in the region.