Vidullanka acquires 49% stake in Storex to expand into BESS sector

Vidullanka has entered Sri Lanka’s emerging battery energy storage systems (BESS) sector through a strategic investment in Storex (Pvt.) Limited, committing around Rs.2 billion for a 49 percent equity stake in the company.

The listed renewable energy company said the remaining 51 percent stake in Storex would continue to be held by WindForce PLC, under a share sale and purchase agreement and the shareholders’ agreement signed on May 12. 

The investment relates to a portfolio of 12 grid-scale BESS projects, each with a capacity of 10MW/40MWh, awarded by the Ceylon Electricity Board and being developed under Storex. Vidullanka said the projects had already secured the required regulatory approvals and achieved financial closure.

The company clarified that the investment is separate from the previously announced consortium project with WindForce to develop a 10MW/40MWh BESS facility in Vavunathivu, which would continue under the existing consortium structure.

Vidullanka described the move as a “landmark initiative” that would significantly expand its footprint in the energy storage sector, while enabling risk-sharing and creating long-term revenue streams to diversify its renewable energy portfolio.

The company also said the partnership would strengthen project execution capabilities through collaborative engineering expertise as Sri Lanka moves towards integrating large-scale energy storage into the national grid.

Vidullanka said the transaction was a regular commercial arrangement between independent third parties and did not constitute a related party transaction under the Colombo Stock Exchange listing rules.