WindForce PLC and Vidullanka PLC have announced a strategic acquisition aimed at strengthening their positions in the renewable energy sector. The two companies have entered into a definitive share sale and purchase agreement with Hi-energy Services (Private) Limited, acquiring a substantial equity stake in Solar Universe (Private) Limited.

Under the agreement, WindForce PLC and Vidullanka PLC will jointly purchase 36,500,000 ordinary voting shares of Solar Universe (Private) Limited from Hi-energy Services (Private) Limited for a total consideration of Rs. 370 million. Each company will invest Rs. 185 million, acquiring 18,250,000 shares each. This acquisition will increase the shareholding of both WindForce and Vidullanka in Solar Universe from 33.3% to 50%.

The strategic acquisition comes with the signing of a new shareholder agreement between WindForce and Vidullanka, aimed at enhancing collaboration and operational efficiency within Solar Universe.

Solar Universe (Private) Limited is renowned for its pioneering agrivoltaic project in Sri Lanka, integrating solar energy production with agricultural activities at its 10MW Vavunathivu solar power plant in the Batticaloa District. This innovative approach optimizes land use while promoting sustainable farming practices. Additionally, Solar Universe's wholly-owned subsidiary, Suryashakthi (Private) Limited, holds a license to develop and operate the Vavunathivu II solar power plant, also with a capacity of 10MW, and recently secured a Power Purchase Agreement for this project on May 31, 2024.