Windforce 9-month earnings up 6% YoY

Renewable energy provider WindForce PLC delivered steady growth over the first nine months of the 2024/2025 financial year, with higher revenue across its segments. 

WindForce saw its earnings expand 6 percent to Rs. 1.65 billion for the nine months ended 31 December 2024 with revenue of Rs. 5.37 billion, a 16 percent year-on-year increase.

EBITDA grew by 37 percent to Rs. 5.07 billion, up from Rs. 3.69 billion in the previous year. 

Breakdown of the sectoral performance show that for the wind sector, revenue grew by 7 percent, primarily due to the Hiruras wind plant addition. However, some wind plants saw a decline in electricity revenue due to lower wind speeds and operational issues.

The solar segment posted a 15 percent revenue growth, supported by the Kebitigollewa Solar Plant and the acquisition of Solar Universe in August 2024.

The hydro sector showed a 44 percent revenue growth, driven by the Mahoma acquisition (January 2024), adding Rs. 269 million in revenue. Terraqua Kokawita also saw a 35 percent increase in power generation due to higher rainfall. However, revenue for Terraqua International and Peak Power declined as they entered the next operational tariff phase.

However, for the October - December 2024 quarter, 3Q25, the renewable energy provider saw its earnings contract by 25 percent YoY to Rs. 80 million. When compared with the previous quarter (2Q25), its earnings dipped substantially by 92.6 percent while earnings contracted 40.5 percent.

In terms of new project developments, the Rividhanavi 100MW Solar Project - Siyambalanduwa, engineering and design work is in progress.The transmission line foundations is 60 percent and Tower erection20 percent completed. While the project financing is finalised, there are minor delays in land lease agreement.