WindForce PLC and Vidullanka PLC have announced an acquisition with the two companies having 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%.

This 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 agrivoltaic project in Sri Lanka, integrating solar energy production with agricultural activities at its 10MW Vavunathivu solar power plant in the Batticaloa District. This approach optimises land use while promoting sustainable farming practices. 

Additionally, Solar Universe's wholly owned subsidiary, Suryashakthi (Private) Limited, holds a licence 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 31 May.