Business

WindForce to acquire Sky Solar from Sunshine  

  • Sunshine completely out of energy business after acquisition 

WindForce PLC, which became a listed company this year, has announced its plan to acquire Sky Solar (Pvt.) Ltd. from Sunshine Energy (Pvt.) Ltd. 

Windforce PLC entered into a share sale and purchase agreement on 9 September 2021 with Sunshine Energy (Pvt.) Ltd., a 70% owned subsidiary of Sunshine Holdings PLC, for 100% of the controlling stake of Sky Solar (Pvt.) Ltd., for a total consideration of Rs. 265 million to be paid in two instalments. 

According to CAL Research, this will translate into a Rs. 65.5 million net gain for Sunshine Energy (Pvt.) Ltd. and a Rs. 0.1 gain per share for the shareholders of Sunshine Holdings PLC. 

With the sale of Sky Solar (Pvt.) Ltd. Sunshine Holdings will have fully divested off the energy business, allowing the company to focus on its core business segments; healthcare and consumer. 

Windforce PLC is one of the pioneers of renewable energy in Sri Lanka and intends to play a key role in contributing to Sri Lanka’s efforts towards attaining 70% renewable energy by 2030. The company has established 27 plants across Sri Lanka, Pakistan, Uganda, and Ukraine and continues to bring new projects under its wing. The acquisition of Sky Solar (Pvt.) Ltd. will increase the company’s installed capacity from 218 MW to 220.2 MW and bring its number of rooftop solar plants in operation to three. 

Sky Solar (Pvt.) Ltd., which primarily engages in electricity generation through solar panels, has 500 KW ongoing projects, 1.0 MW pipeline projects, and 1.5 MW projects in the feasibility study stage.