WindForce & Vidullanka Win BESS Projects in Sri Lanka’s First Grid-Scale Storage Initiative

WindForce PLC and Vidullanka PLC have received Letters of Award from the Ceylon Electricity Board (CEB) to develop Battery Energy Storage System (BESS) projects under Sri Lanka’s first standalone grid-scale energy storage programme, according to disclosures filed with the Colombo Stock Exchange.

WindForce announced it has been awarded 12 standalone BESS projects with a combined capacity of 120 MW / 480 MWh, representing a total investment of approximately LKR 20.79 billion. The projects will be implemented under a Build, Own and Operate (BOO) model with a 15-year operating period, with financing structured at an estimated 80:20 debt-to-equity ratio.

Of the total portfolio, 11 projects will be fully owned by WindForce, while the Vavunathivu project will be developed in partnership with Vidullanka.

Separately, Vidullanka disclosed that it has secured the formal Letter of Award for the Vavunathivu BESS project, which will have a capacity of 10 MW / 40 MWh and an estimated investment of about LKR 1.73 billion. Vidullanka will hold a 50% stake in the consortium, with financing also expected on an 80:20 debt-to-equity basis.

Both companies said the projects form part of the CEB’s initiative aimed at enhancing grid stability and enabling greater renewable energy integration across Sri Lanka. Vidullanka noted the contract is considered price-sensitive information, highlighting the strategic importance of entering the standalone energy storage sector and its potential to generate stable long-term revenue.

The companies stated further disclosures will be made as project developments progress.

Source: Adaderana