New projects drive WindForce profit up 29% in FY25

Sri Lanka’s WindForce PLC reported a 29 percent increase in net profit to Rs. 2.25 billion at the end of the fiscal year 2024/25, helped by new capacity additions and strong performance across its renewable energy segments.

Group revenue rose 18 percent year-on-year (YoY) to Rs. 6.9 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) grew 9 percent to Rs. 6.1 billion, the company said in a stock exchange filing.

The profit gain was supported by the commissioning of the 15 MW Hiruras wind plant in mid-2023 and the 10 MW Kebitigollewa solar plant in 2024. WindForce also consolidated Solar Universe as a subsidiary in August 2024, which bolstered revenue generation.

An additional lift came from the recognition of Rs. 708 million in late payment revenue from the Ceylon Electricity Board (CEB) under the standard power purchase agreement. Segment-wise, solar revenue grew 19 percent , underpinned by the Kebitigollewa project and the Solar Universe integration. Wind revenue posted a marginal 4 percent rise, driven by Hiruras, though reduced wind speeds and operational constraints weighed on other sites. 

Hydro revenue was up 13 percent, helped by increased rainfall and the consolidation of Mahoma in early 2024, though tariff changes dampened gains for some assets.

The company said its performance “demonstrates its strategic resilience and commitment to sustainable growth.”