WindForce 10MW will be built in Alankuda, Puttalam after WindForce PLC acquired a 51% stake in Safe Power International (Pvt) Ltd, the company said in a stock exchange filing, with the project budgeted at LKR 4.2 billion.
WindForce 10MW venture in Alankuda set as a LKR 4.2bn project in partnership with Arinma Power
WindForce PLC has moved to strengthen its onshore renewables pipeline after acquiring 51 percent of Safe Power International (Pvt) Ltd to develop a 10 megawatt wind power project in Alankuda, Puttalam District. According to a filing with the stock exchange, the new vehicle — Safe Power International — was incorporated specifically for the Alankuda wind farm, which carries an estimated total project cost of LKR 4.2 billion. The project will be financed on a 75:25 debt-to-equity basis, WindForce said, and the remaining 49 percent equity in Safe Power International is held by Arinma Power (Pvt) Ltd. The shareholder agreement formalizing the partnership was executed on October 3. Market observers say the arrangement reflects continued investor appetite for utility-scale renewable projects in Sri Lanka, while also underscoring WindForce’s strategy of partnering with local players to expand capacity. The 10 MW development in Puttalam is modest by large-scale global standards but is significant domestically, where distributed wind and hybrid renewable projects are increasingly important to national energy planning. For WindForce, the equity acquisition secures operational control of the project company while leveraging Arinma Power’s local experience. Company filings indicate the financing mix will rely primarily on debt, which is typical for infrastructure projects seeking to preserve equity for future developments. The project is now positioned to move into the pre-construction and permitting stages, subject to regulatory approvals and final financing documentation. Stakeholders will be watching the timetable for procurement and construction, as well as any off-take arrangements that could affect project bankability. If executed on schedule and within budget, the Alankuda wind farm will contribute fresh renewable capacity to the grid and add to WindForce’s portfolio of wind assets in Sri Lanka.