WindForce PLC has announced exceptional financial results for the second quarter of the 2024/25 fiscal year, attributing its success to a strategic focus on large-scale renewable energy projects.
The company’s EBITDA saw an impressive 49% increase, reaching Rs. 4.22 billion compared to the previous year. This growth reflects robust cost management and a focus on impactful initiatives.
As part of its strategic shift, WindForce moved away from rooftop solar projects, divesting assets from subsidiaries Suryadhanavi and Hirujanani. These divestments resulted in a book profit of Rs. 467 million.
Consolidated revenue grew by 18% to Rs. 3.95 billion, while net profit increased by 17% to Rs. 1.86 billion year-over-year. This performance was driven by the operationalization of the Hiruras 15 MW wind plant and the Kebitigollewa 10 MW solar plant. The wind sector’s revenue increased by 8%, with Hiruras offsetting minor setbacks from other plants. Similarly, solar revenue rose by 8%, aided by Kebitigollewa despite reduced contributions from divested subsidiaries. The hydro sector delivered a remarkable 48% revenue increase, supported by the Mahoma plant integration and favorable weather conditions.
WindForce is also making strides in project development, advancing work on the Rividhanavi 100 MW Solar Project and the Sooryashakthi 10 MW Solar Project. Additionally, the company entered an EPC agreement for a 366 kWp rooftop solar installation in the Maldives with Cocoon Investment Ltd.
“This quarter underscores WindForce’s leadership in renewable energy, as the company leverages innovation and sustainability to drive its growth agenda,” the company said in a statement.