WindForce enters US $ 18mn IFC loan deal

WindForce PLC yesterday disclosed a US $ 18 million loan agreement with the International Finance Corporation (IFC), flagging the facility as a material borrowing. 

The company, in a filing to the Colombo Stock Exchange, said its board had approved the financing on April 20, with the funds to be deployed across the solar and energy storage investments.

The facility is structured in two phases, with up to US $ 10 million allocated to finance the company’s equity contribution towards a 100MW solar park in Siyambalanduwa, operated by Rividhanavi (Pvt.) Ltd.

A further US $ 8 million is earmarked for battery energy storage systems and other eligible renewable energy projects undertaken by WindForce or its subsidiaries.

WindForce said the disclosure was made as the transaction is expected to have a direct impact on its financial position and operations and could reasonably influence market activity or the price of its securities.

The company clarified that while the borrowing is material for disclosure purposes, it does not constitute a “major transaction”.