IFC Partners WindForce to Develop Sri Lanka’s First Utility-Scale Solar Power Project

The International Finance Corporation (IFC), a member of the World Bank Group, has announced a partnership with WindForce PLC to develop Sri Lanka’s first utility‑scale 100‑megawatt (MW) solar power facility, a project that will accelerate the country’s energy transition, strengthen energy security, lower electricity costs and create thousands of jobs.

The project will generate around 220 gigawatt‑hours (GWh) of clean electricity each year, advancing Sri Lanka’s 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 renewable energy and infrastructure sectors.

IFC is investing up to USD 18 million through a local‑currency loan, supported by the IDA21 Private Sector Window (IDA PSW) Local Currency Facility, in WindForce—Sri Lanka’s leading renewable energy company—to finance the solar power plant and related infrastructure. This also enables future utility‑scale battery storage and renewable projects, helping 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.

Aligned with the World Bank Group’s programmatic approach to scaling renewable energy, a key priority under the World Bank Group Country Partnership Framework for Sri Lanka—the partnership blends private capital with market creation to strengthen grid resilience, accelerate the integration of variable renewable energy 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 Programme, which includes a USD 30 million IDA credit to strengthen transmission infrastructure and institutional capacity for renewable energy integration.