The Firm, together with Cyril Amarchand Mangaldas, advised the International Finance Corporation (IFC) on the execution of a loan agreement with WindForce PLC for a proposed local currency loan of up to $ 18 million. The financing will support the development of Sri Lanka’s first utility-scale 100MW solar power facility in Siyambalanduwa, owned and operated by Rividhanavi (Pvt) Ltd as well as future battery energy storage projects by entities within the WindForce group.
The project is expected to generate around 220 gigawatt-hours (GWh) of clean electricity each year annually, advancing Sri Lanka’s goal of increasing renewables to 50-70% of the national power mix by 2030. It will enhance grid reliability, reduce costs for electricity consumers, and create more than 3,000 jobs, including skilled and semi-skilled roles that contribute to capacity-building in the renewable energy and infrastructure sectors.
Against the backdrop of Sri Lanka’s high electricity costs and exposure to external energy shocks, scaling up renewables will strengthen domestic energy security and help build a robust and resilient energy system.
In addition to financing, IFC will provide targeted advisory support to WindForce covering engineering, procurement, maintenance, sustainability, grid resilience, and cybersecurity. The transaction aligns with the World Bank Group’s pragmatic approach to scaling renewable energy in Sri Lanka, blending private capital with market creation aimed at strengthening grid resilience, accelerate the integration of variable renewable energy and support macroeconomic recovery by reducing reliance on imported fuel and enhancing energy security.
The Sri Lanka transaction team was led by Tilani Cooray, Partner, Banking and Finance with support from Shakthi Ratnakumaran (Principal Associate) and Shreyan Fernando (Legal Assistant). FJ&G’s cross-divisional team also included Manjula Ellepola (Partner) and Sheneli Somanayake (Associate) from the Real Property practice.
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