WindForce PLC and Vidullanka PLC have entered into a definitive share sale and purchase agreement with Hi-Energy Services Ltd. on 11th July to acquire 36,500,000 ordinary voting shares of Solar Universe Ltd., held by Hi-Energy Services Ltd., for Rs. 370 million.
Both WindForce PLC and Vidullanka PLC will invest Rs. 185 million each to acquire 18,250,000 shares. Upon completion, their combined shareholding in Solar Universe will increase from 33.3% to 50%, and a new shareholder agreement will be signed between the two companies.
Solar Universe Ltd. owns and operates the 10 MW Vavunathivu solar power plant in the Batticaloa District. Additionally, Suryashakthi Ltd., a wholly-owned subsidiary of Solar Universe Ltd., is licensed to develop and operate the Vavunathivu II solar power plant, which also has an installed capacity of 10 MW in the Batticaloa District.