Vidullanka to Invest Rs. 2 Bn in Storex BESS Venture 📈

• Energy Sector Update: Vidullanka PLC has entered a strategic partnership with WindForce PLC, investing approx. Rs. 2 Billion for a 49% stake in Storex Ltd. WindForce retains a 51% controlling interest following the restructuring. • Project Scope: The venture will develop 12 grid-scale Battery Energy Storage System (BESS) projects across Sri Lanka, each with a capacity of 10MW/40MWh. These have been awarded by the Ceylon Electricity Board (CEB). • Strategic Impact: Storex has achieved financial closure and secured all regulatory approvals. These projects represent Sri Lanka's first grid-scale BESS developments, aimed at enhancing grid stability and supporting the integration of renewable energy. • Capital Structure: WindForce’s equity investment in the restructured vehicle stands at Rs. 2.1 Billion. Notably, the Vavunathivu BESS project remains separate from Storex and continues under the original consortium arrangement. • Economic Context: This collaboration leverages shared engineering expertise and risk-sharing to bolster infrastructure development and long-term value creation within the domestic power sector.