Sri Lankan energy firm WindForce has entered into a loan agreement with the International Finance Corporation (IFC) worth up to $18 million to fund the Siyambalanduwa solar project and a slate of battery energy storage developments, EconomyNext reported on Monday.
The facility will be drawn in two phases. Phase 2 includes up to $8 million in rupee equivalent earmarked for battery energy storage projects or any eligible renewable energy projects undertaken by WindForce or its subsidiaries.
The IFC loan stacks on top of two recent capital-raising moves by the listed renewable-energy company. Earlier in April, WindForce announced plans to issue up to 40 million green bonds to raise Rs. 4 billion. The previous month, the company was awarded a contract under the national battery storage programme to build a standalone 10 MW / 40 MWh Battery Energy Storage System (BESS) in Panadura at a cost of Rs. 1.73 billion.
With the latest BESS award, WindForce’s cumulative pipeline under the national procurement programme has risen to 13 standalone battery projects.
The IFC commitment is the first major World Bank Group financing for a Sri Lankan private renewable-energy company since the Cabinet approved seven new solar projects this month, and follows Fitch’s earlier A(lka) rating affirmation on WindForce’s outstanding debentures.
