Vidullanka announces disposal of stake in Solar Universe (Pvt) Limited to Windforce Limited, forming a Joint venture.

Vidullanka PLC and the joint venture partner HiEnergy Services (Pvt) Limited, collectively disposed 33.33% shares in Solar Universe to Windforce Limited, the company disclosed in an announcement to the market. This would result in a three-way joint venture between the entities, in developing the 10MW solar power plant in Eastern Sri Lanka.

Solar Universe (Pvt) Limited owns the rights and approvals to develop a 10MW solar power plant in Vavunathivu, Sri Lanka. The power purchasing agreement signed allows the company to generate and supply electricity at a tariff of Rs.14.41.

The project is to be developed at an estimated cost of Rs.1.45bn.