Renewable energy giant WindForce forays into electric vehicles with Rs. 200 m investment

Thursday, 6 October 2022 02:30 - - {{hitsCtrl.values.hits}}

Renewable energy giant WindForce is entering into the nascent Electric Vehicles space with a Rs. 200 million investment via two ventures.

The Company said its strategy is to continue to diversify its portfolio and explore new markets to drive sustainable growth in the renewable energy industry.

Keeping in line with the company’s strategy and the renewable energy targets of Sri Lanka, WindForce has identified Electrical Vehicles (EV) and its supporting services as a potential area to diversify into.

WindForce has set up two new subsidiary companies, “Satva Automotive Ltd.” to engage in the business of development of the EV range and “Bluesky EV Ltd.” for EV conversions.

WindForce Board has approved a phased-out equity investment plan of up to Rs. 200 million for these new ventures.

WindForce PLC will accordingly hold majority stakes in both companies, with an 80% stake in Satva Automotive and 90% in Bluesky EV.

WindForce PLC is a leading renewable energy development company in Sri Lanka. The Group in FY22 generated 500.2 GWh of renewable energy. It has an installed capacity of 122.8 MW locally and a further 25 MW under construction. Its overseas installed capacity is 97.3 MW.

The company was established to handle all aspects of renewable energy development and today owns, develops and operates top-of-the-line power plants that are fully equipped to meet the growing demand for clean, green energy. In addition to its dominant presence in the local wind power space, WindForce has further diversified into large-scale, ground and rooftop solar power generation systems and mini hydro plants, both locally and overseas.

Having expanded its reach to Pakistan, Uganda and Ukraine, the company continues to explore new opportunities to extend its global footprint.

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