WindForce SL RE

pending

About Windforce: Windforce, incorporated in 2010, is a listed renewable energy company in Sri Lanka. The sponsors of the Company are the Akbarally Family and the Hirdaramani Group. Windforce currently has a portfolio of approximately 252.8.8 MW and an additional pipeline of about 270 MW, primarily in solar, wind, and Battery Energy Storage System (BESS) projects.The Company’s operational assets include 31 projects located in Sri Lanka (155.658 MW), Pakistan (68 MW), Uganda (20.3 MW), and Ukraine (9 MW). Its development pipeline comprises 196 MW, including 100 MW of solar project with signed Power Purchase Agreements (PPAs), 20 MW at an advanced stage of PPA negotiations, and the remaining capacity under initial development in solar and wind assets primarily located in Sri Lanka. Additionally, Windforce has submitted bids for the development of 138 MW of BESS projects across ten locations in Sri Lanka. About the Project: The proposed investment is A loan of up to US$ 20million to Windforce PLC (the "Windforce" or the “Company”), which will be committed in two tranches of US$10 million each for development of Company’s renewable energy pipeline in Sri Lanka (the “Project”). The first tranche will finance 100 MW Solar Siymablanduwa Rividhanavi Private Ltd (SRPL) project, or any alternative project identified by IFC and Company after further E&S due diligence. For the second tranche, IFC will perform separate due diligence and an IRM before commitment. The alternative project and second tranche projects targeted for IFC Use of Proceeds ((Undefined UOP projects) will be new greenfield development projects from wind, solar or BESS category that comply with IFC Performance Standards. The SRPL project involves the development of a 100 MW solar park (Solar Park Facility) and a Transmission Facility comprising of Siyamblandwu collector substation, 27 km, 132 kV overhead transmission line from Solar Park Facility upto CEB grid substation at Monaragala and necessary upgradation of Monaragala substation for interconnection. The Transmission Facility is financed and implemented by the SRPL through Ceylon Electricity Board (CEB) and transferred to CEB on completion. The SRPL has entered into power purchase agreement with CEB. The solar park will be constructed on approximately 540 acres of shrub forest land in Kotiyagala, Siyamblanduwa leased by Sri Lanka Sustainable Energy Authority (SLSEA) to the SRPL through land lease agreement. SRPL is 50:50 joint venture between Windforce PLC and Lakhdhanvi Ltd with both the partners having functional role in the implementation of the project with Lakhdhanvi being an EPC Contractor leading the construction of the project.