IFC, WindForce Partner to Develop Sri Lanka’s First 100 MW Utility-Scale Solar Project

After the initial sucess in securing Sri Lanka’s first grid-scale standalone BESS initiative, led by WindForce, the company is now set to develop a utility-scale 100-megawatt (MW) solar power facility. According to a press release under a partnership between the International Finance Corporation (IFC) and WindForce PLC , the project will generate around 220 gigawatt-hours (GWh) of clean electricity each year. It would also help Sri Lanka advance its goal of increasing renewables to 50–70 percent of the power mix by 2030. It will strengthen grid reliability, lower costs for electricity consumers, and create more than 3,000 jobs, including skilled and semi-skilled employment that builds capacity in the renewable energy and infrastructure sectors. IFC Invests up to $18 Mn via Local-Currency Loan IFC is investing up to $18 million through a local-currency loan in WindForce, supported by the IDA21 Private Sector Window (IDA PSW) Local Currency Facility. This latest investment in Sri Lankan renewable energy company would help finance the solar power plant and related infrastructure. It also enables future utility-scale battery storage and renewable projects, helping to strengthen grid stability. Beyond financing, IFC will deliver targeted advisory support to strengthen WindForce’s technical and operational capacity, spanning engineering, procurement, maintenance, sustainability, grid resilience, and cybersecurity. The World Bank Group Country Partnership Framework for Sri Lanka aims to scale renewable energy while blending private capital with market creation to strengthen grid resilience. It will accelerate variable renewable energy integration and support macroeconomic recovery by reducing reliance on imported fuel and enhancing energy security. The project complements Phase I of the World Bank’s Secure, Affordable, and Sustainable Energy Program, which includes a $30 million IDA credit to strengthen transmission infrastructure and institutional capacity for renewable energy integration. Supporting Sri Lanka’s Annual Electricity Demand With annual electricity demand at 15,000–16,000 GWh, Sri Lanka faces among the highest-cost power markets in the region. The country’s high electricity costs and vulnerability to external energy shocks make affordable and reliable domestic power critical for economic recovery and competitiveness. Therefore, scaling up renewables will enhance grid stability and energy supply, support the government’s 2030 renewable energy targets, and help build a robust and resilient energy system. By aligning private investment with the World Bank Group’s programmatic approach, IFC is helping de-risk Sri Lanka’s renewable energy market, crowd in capital, and accelerate the build-out of solar power and battery energy storage systems . The goal of the investment is to reduce electricity costs, strengthen energy security, and create a more resilient energy system that supports Sri Lanka’s economic recovery and long-term competitiveness. “This investment—IFC’s first infrastructure energy transaction since the crisis, and the first energy deal in Sri Lanka in over a decade—shows how private capital, supported by the right reforms, and in collaboration with partners like WindForce, can accelerate the country’s energy transition while strengthening energy security, competitiveness and job creation,” saod Gevorg Sargsyan, Country Manager for the World Bank Group in Sri Lanka and Maldives