International Finance Corporation (IFC) Partners With WindForce PLC To Build Sri Lanka’s First 100 MW Utility-Scale Solar Power Plant

The International Finance Corporation International Finance Corporation, part of the World Bank Group World Bank Group, has announced a new partnership with WindForce PLC WindForce PLC to develop Sri Lanka’s first utility-scale 100-megawatt solar power plant. This project represents a major step in the country’s ongoing energy transition, helping to improve energy security, reduce electricity costs and create thousands of new jobs.

The solar facility is expected to generate around 220 gigawatt-hours of clean power each year. This will support Sri Lanka’s national target of raising renewable energy to 50–70 percent of the energy mix by 2030. The project will also enhance grid reliability, reduce household and business energy expenses, and create more than 3,000 skilled and semi-skilled jobs that strengthen local expertise in renewable energy and infrastructure.

To support the development, IFC is providing up to US$ 18 million in local-currency financing through the IDA21 Private Sector Window (IDA PSW) IDA Private Sector Window Local Currency Facility. The investment will help WindForce, the country’s leading renewable energy company, build the solar plant and related infrastructure.

It will also enable future large-scale battery storage and renewable energy projects that contribute to long-term grid stability.Alongside financing, IFC will offer specialised advisory services to strengthen WindForce’s technical and operational capabilities. These advisory services will cover engineering, procurement, maintenance, sustainability practices, cybersecurity, and strategies to improve grid resilience.

The partnership supports the World Bank Group’s structured approach to scaling renewable energy in Sri Lanka, which is a core objective under the Country Partnership Framework World Bank Country Partnership Framework. It also aligns with Phase I of the World Bank’s Secure, Affordable, and Sustainable Energy Program Secure, Affordable, and Sustainable Energy Program, which includes a US$ 30 million IDA credit intended to improve transmission systems and institutional readiness for renewable energy integration.

By combining private capital with sector reforms, the initiative aims to strengthen the country’s grid infrastructure, accelerate the adoption of variable renewable energy and reduce dependence on imported fuel.Sri Lanka faces high electricity costs and remains vulnerable to global energy price shocks. With annual power demand between 15,000 and 16,000 GWh—one of the most expensive energy markets in the region—increasing domestic renewable energy generation is essential for economic recovery and long-term competitiveness.

Expanding renewable energy will improve energy security, stabilise the grid and support the government’s 2030 targets.WindForce Managing Director Manjula Perera noted that the collaboration marks an important milestone for the company, emphasising that IFC’s involvement validates WindForce’s long-term strategy and governance standards while helping to accelerate investments in renewable energy and storage.

Gevorg Sargsyan Gevorg Sargsyan, the World Bank Group’s Country Manager for Sri Lanka and Maldives, highlighted that reliable and affordable electricity is essential for investment and economic growth. He stated that this is IFC’s first energy infrastructure investment in Sri Lanka since the economic crisis, demonstrating how private capital and supportive reforms can advance the country’s clean energy transition.

In summary, the partnership helps reduce risks for renewable energy investment in Sri Lanka, encourages additional private-sector financing and accelerates the expansion of solar power and battery energy storage. Ultimately, the initiative aims to lower electricity costs, strengthen energy independence and support the country’s economic recovery and long-term resilience.