WindForce powers ahead with strong growth and strategic focus in Q2

Monday, 18 November 2024 00:50 - - {{hitsCtrl.values.hits}}

WindForce PLC, said this week it delivered exceptional results for the second quarter of the 2024/25 fiscal year, driven by a strategic focus on large-scale projects.

In a statement the Company said EBITDA surged by 49% to Rs. 4.22 billion compared to the previous year, reflecting robust cost management and a commitment to high-impact initiatives.

As part of its strategic realignment away from rooftop solar, WindForce divested assets from its subsidiaries, Suryadhanavi and Hirujanani, recording a book profit of Rs. 467 million.

Consolidated revenue grew by 18% to Rs. 3.95 billion, while net profit rose by 17% to Rs. 1.86 billion compared to the same period in the previous year. This growth was fuelled by contributions from the newly operational Hiruras 15 MW wind plant and Kebitigollewa 10 MW solar plant. The wind sector posted an 8% revenue increase, with Hiruras offsetting minor challenges from other plants. Similarly, solar revenue grew by 8%, supported by Kebitigollewa, despite reduced contributions from Suryadhanavi and Hirujanani due to divestments. The hydro sector recorded a remarkable 48% revenue increase, driven by the Mahoma plant integration and favourable weather conditions.

WindForce continued to expand its project pipeline, making significant progress on the Rividhanavi 100 MW Solar Project and the Sooryashakthi 10 MW Solar Project. It also 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 statement added.

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