WindForce, Vidullanka invest Rs. 370 m more into solar energy

WindForce PLC and Vidullanka PLC have entered into a definitive share sale and purchase agreement with Hi-Energy Services Ltd., on 11 July to acquire the 36,500,000 ordinary voting shares of Solar Universe Ltd., held by Hi-Energy Services Ltd., for Rs. 370 million. 

WindForce PLC’s and Vidullanka PLC's share of investment will be Rs. 185 million to acquire 18,250,000 shares.

The transaction once completed will result in the shareholding of WindForce PLC and Vidullanka PLC in Solar Universe increasing from 33.3% to 50%. A new shareholder agreement is to be signed between WindForce PLC and Vidullanka PLC.

Solar Universe Ltd., owns and operates the 10 MW Vavunathivu solar power plant in Batticaloa District. Suryashakthi Ltd., is a wholly owned subsidiary of Solar Universe Ltd. It is licenced to develop and operate the Vavunathivu II solar power plant with an installed capacity of 10 MW in Batticaloa District.