WindForce SL RE (IFC-50775)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Sri Lanka
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 3, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Windforce PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 18.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 18.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 14, 2026

Disclosed by Bank Apr 29, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated on the project disclosurepage, IFC proposes to provide a local-currency senior loan of up to US$18 million equivalent to WindForce PLC, Sri Lanka’s largest renewable energy company, to support the development of utility-scale renewable energy projects in Sri Lanka. The financing will be supported by the IDA21 Private Sector Window Local Currency Facility and structured at the holding-company level.

The proceeds of IFC’s investment will be used to finance:

(i) WindForce’s equity contribution to a 100 MW ground-mounted solar photovoltaic project, Siyabalanduwa Rividhanavi (Pvt) Ltd (“SRPL”), which is under construction; and/or
(ii) other eligible renewable energy projects in Sri Lanka that comply with IFC Performance Standards, potentially battery energy storage systems (“BESS”) of 120MW/480MWh.

The Project supports Sri Lanka’s energy sector reform agenda and contributes to the Government of Sri Lanka’s target of achieving 70 percent renewable electricity generation by 2030, while reducing reliance on imported fossil fuels, lowering generation costs, and improving grid stability.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, WindForce’s principal shareholders are the Akbarally Family (approximately 38.99 percent), a diversified Sri Lankan conglomerate, and the Hirdaramani Group (approximately 23.03 percent), a global apparel manufacturer. Together, these shareholders are the Project’s sponsors.  

Windforce, incorporated in 2010, is a listed renewable energy company in Sri Lanka. The sponsors of the Company are the Akbarally Family and the Hirdaramani Group. Windforce currently has a portfolio of approximately 252.8.8 MW and an additional pipeline of about 270 MW, primarily in solar, wind, and Battery Energy Storage System (BESS) projects.

The Company’s operational assets include 31 projects located in Sri Lanka (155.658 MW), Pakistan (68 MW), Uganda (20.3 MW), and Ukraine (9 MW). Its development pipeline comprises 196 MW, including 100 MW of solar project with signed Power Purchase Agreements (PPAs), 20 MW at an advanced stage of PPA negotiations, and the remaining capacity under initial development in solar and wind assets primarily located in Sri Lanka. Additionally, Windforce has submitted bids for the development of 138 MW of BESS projects across ten locations in Sri Lanka.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Windforce PLC Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Windforce PLC:

Mr. Jivanka Kavishan Pathirage  - Manager, Sustainability
Phone: +94 775486650
Email: jivanka@windforce.lk
Address: 334, T.B. Jayah Mawatha, Colombo
Website: www.windforce.lk

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works