International Finance Corporation has partnered with WindForce PLC to develop Sri Lanka’s first utility-scale 100 MW solar power project, marking a significant step in the country’s clean energy transition and efforts to strengthen long-term energy security.
The project is expected to generate around 220 GWh of clean electricity annually and support Sri Lanka’s renewable energy target of increasing clean energy’s share in the national power mix to 50–70% by 2030. The initiative is also expected to improve grid reliability, reduce electricity costs for consumers, and create more than 3,000 jobs across skilled and semi-skilled segments.
As part of the partnership, IFC will provide up to $18 million in local-currency financing to WindForce, backed by the International Development Association Private Sector Window Local Currency Facility. The investment will fund the solar plant and associated infrastructure while enabling future utility-scale battery energy storage and renewable energy projects.
Beyond financial support, IFC will also provide advisory services to strengthen WindForce’s technical and operational capabilities, covering engineering, procurement, maintenance, sustainability, grid resilience, and cybersecurity.
The investment aligns with the World Bank Group’s broader renewable energy strategy under its Country Partnership Framework for Sri Lanka, aimed at reducing dependence on imported fuel, improving grid stability, and supporting macroeconomic recovery through greater renewable energy integration.
The project complements the first phase of the World Bank’s Secure, Affordable, and Sustainable Energy Program, which includes a $30 million credit facility to strengthen transmission infrastructure and institutional capacity for renewable energy integration in Sri Lanka.
According to Manjula Perera, the partnership with IFC represents a major milestone for WindForce and will help accelerate investments in renewable energy and battery storage infrastructure to support Sri Lanka’s transition towards a sustainable and resilient energy system.
Gevorg Sargsyan said the investment marks IFC’s first infrastructure energy transaction in Sri Lanka since the country’s economic crisis and its first energy sector deal in over a decade, highlighting the growing role of private capital in supporting the country’s energy transition.
Sri Lanka currently records annual electricity demand of around 15,000–16,000 GWh and remains one of the higher-cost electricity markets in the region, making domestic renewable energy development a key priority for improving affordability, energy security, and economic competitiveness.
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