Colombo, Sri Lanka – 25 August 2026 – WindForce PLC (CSE: WIND), Sri Lanka’s leading independent renewable energy producer, announced robust financial results for the financial year ended 31st March 2026, recording a significant 16% increase in group revenue to a record Rs. 8.04 billion. The company’s annual report, released yesterday, highlights a year of strategic expansion and strengthened operational performance, underpinned by major investments in solar, wind, and pioneering battery energy storage systems (BESS) projects.
Financial Resilience Amidst Strategic Growth
The company demonstrated strong financial resilience, with its share price closing at Rs. 45.00, marking an impressive 80% capital gain year-on-year and significantly outperforming the broader market. This surge in investor confidence reflects the market’s appreciation for WindForce’s aggressive growth strategy and stable, PPA-backed cash flows.
While reported Profit After Tax (PAT) saw a marginal dip of 4% to Rs. 2.15 billion, primarily due to the absence of non-recurring income recognised in the previous year (including substantial SPPA arrears billing and asset disposal gains), a deeper look at the normalised figures reveals a compelling underlying growth story. On a normalised basis, PAT surged by 62% to Rs. 2.14 billion, showcasing significant improvements in core operational profitability. Earnings Per Share (EPS) stood at Rs. 1.14. Total assets grew by 12% to Rs. 44.08 billion, with equity attributable to shareholders increasing by 9% to Rs. 25.39 billion. The company maintained a prudent gearing ratio of 30.52%, further solidifying its balance sheet strength.
No dividends were declared for the year, a strategic decision to reinvest earnings into the company’s substantial project pipeline, thereby compounding shareholder value and accelerating long-term growth.
Pioneering Sri Lanka’s Green Energy Future with Massive Project Pipeline
WindForce PLC’s 2025/26 annual report details an ambitious project pipeline that is set to nearly double its installed capacity from 253 MW to 548 MW. Key highlights of this expansion include:
- Grid-Scale BESS Initiative: A landmark achievement for Sri Lanka, WindForce secured 13 standalone Battery Energy Storage System (BESS) projects, collectively totaling 130 MW / 520 MWh. With an estimated investment of Rs. 22.52 billion, these projects are crucial for enhancing national grid stability and facilitating greater integration of renewable energy.
- Rividhanavi Solar Power Project: Significant progress was made on the 100 MW Rividhanavi Solar Power Project in Siyambalanduwa, a flagship initiative with an estimated investment of US$ 133 million. Civil construction has commenced, targeting completion by August 2027. The project recently secured a USD 18 million loan agreement with the International Finance Corporation (IFC).
- Diya Janani Floating Solar: The 5 MW Floating Solar Power Project on the Dambuluoya Reservoir, undertaken by its wholly-owned subsidiary Diya Janani (Pvt) Ltd, is well underway, with a Power Purchase Agreement (PPA) signed and targeting completion by September 2026. This marks a significant entry into innovative renewable energy technologies.
- Alankuda Wind Power Project: WindForce acquired a 51% stake in Safe Power International (Pvt) Ltd to develop a 10 MW wind power project in Alankuda, Puttalam, with commissioning anticipated by May 2027.
- New Solar Plant Commissioned: The 10 MW Sooryashakthi Solar Power Plant in Vavunativu was successfully commissioned in July 2025, contributing to the year’s revenue growth. This follows the full-year contribution from the 10 MW Kebitigollewa Solar Power Plant, which commenced operations in August 2024 and is notable for being Sri Lanka’s first fully female-operated solar plant.
- Mullikulam Wind Project: The company emerged as the Lowest Cost Bidder for Lot 1 of the 50 MW Mullikulam Wind Power Project, further strengthening its future wind energy portfolio.
Operational Excellence and Diversified Portfolio
WindForce’s current operational portfolio comprises 31 power plants (8 wind, 13 solar, 10 hydro) with a total installed capacity of 253 MW, making it the largest private sector renewable energy developer in Sri Lanka. The company boasts a 62% market share among its peers in Sri Lanka and maintains an expanding international footprint with operations in Uganda, Pakistan, and Ukraine.
The company’s in-house engineering and operations & maintenance (O&M) capabilities, including specialised turbine component repair facilities and proprietary SCADA systems, ensure high plant availability (exceeding 97% for most operations) and cost efficiencies. Diversification into the automotive sector through Satva Automotive (Pvt) Ltd, focusing on electric two-wheelers, and Energenix (Pvt) Ltd, a renewable energy technology company specialising in SCADA software, further broadens its revenue base and aligns with national decarbonisation efforts.
Strengthening Governance and Sustainability Commitment
In line with its commitment to leading sustainable development, WindForce has significantly enhanced its Environmental, Social, and Governance (ESG) framework. The company has established a dedicated ESG function, adopted the Sri Lanka Financial Reporting Standards (SLFRS) S1 and S2 for sustainability reporting, and is implementing IFC Performance Standards across key development projects. The Board also restructured its Audit and Risk Committees into separate entities, allowing for more focused oversight. The approval of an Employee Share Option Scheme (ESOS) further reinforces a culture of ownership and accountability.
Navigating Challenges and Future Outlook
Despite a challenging operating environment marked by industry-wide energy curtailments (amounting to 20.6 GWh in lost generation), lower rainfall affecting hydropower output, and logistical disruptions from Cyclone Ditwah impacting the Alankuda wind project, WindForce demonstrated resilience. The company continues to monitor global geopolitical risks and foreign exchange volatility, which could impact supply chains and project costs.
Looking ahead, WindForce PLC remains steadfast in its vision to move “Beyond Megawatts.” The company is strategically focused on expanding its BESS capacity, repowering older plants with modern, higher-efficiency technologies, and exploring new opportunities in high-potential African markets. Through continuous innovation, robust governance, and a steadfast commitment to sustainability, WindForce is poised to play a pivotal role in accelerating Sri Lanka’s transition to a cleaner, more resilient, and energy-secure future.
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