WindForce secures USD 18 million IFC loan

An $18 million equivalent loan agreement was signed between WindForce PLC and the International Finance Corporation (IFC) to fund solar and battery storage initiatives, a disclosure to the Colombo Stock Exchange revealed.

The financing involves two strategic phases aimed at boosting the sustainable energy transition in Sri Lanka. Phase 1 provides up to $10 million to support the company’s equity contribution for the 100MW Siyambalanduwa solar park, currently operated by Rividhanavi (Pvt.) Ltd. Phase 2 allocates up to $8 million for Battery Energy Storage systems or other eligible renewable energy projects managed by WindForce or its subsidiaries.

WindForce PLC issued this immediate disclosure under Listing Rule 8, noting that the substantial borrowing will impact its financial standing and operations. The company expects this information to influence market activity and share prices.

Additionally, the firm confirmed that the agreement does not qualify as a "major transaction" under the Companies Act No. 7 of 2007.