IFC proposes to provide a local-currency senior loan of up to US$18 million equivalent to WindForce PLC (“WindForce”), Sri Lanka’s largest renewable energy company, to support the development of utility-scale renewable energy projects in Sri Lanka. The financing will be supported by the IDA21 Private Sector Window Local Currency Facility and structured at the holding-company level.

The proceeds of IFC’s investment will be used to finance: (i) WindForce’s equity contribution to a 100 MW ground-mounted solar photovoltaic project, Siyabalanduwa Rividhanavi (Pvt) Ltd (“SRPL”), which is under construction; and/or (ii) other eligible renewable energy projects in Sri Lanka that comply with IFC Performance Standards, potentially battery energy storage systems (“BESS”) of 120MW/480MWh.

The Project supports Sri Lanka’s energy sector reform agenda and contributes to the Government of Sri Lanka’s target of achieving 70 percent renewable electricity generation by 2030, while reducing reliance on imported fossil fuels, lowering generation costs, and improving grid stability.                                                  

 IFC will provide upstream technical advisory support to WindForce focused on strengthening project development including BESS projects, Engineering, Procurement and Construction (“EPC”) oversight, and Operations and Maintenance (“O&M”) practices in line with international best practice. Advisory support will include improvements to energy yield assessments, climate and grid-resilience considerations, EPC and O&M contractual frameworks, and cybersecurity standards.

IFC’s E&S advisory support to WindForce  would focus on capacity building and assisting strengthening of existing Environmental and Social Management System (“ESMS”).