FINANCIAL CHRONICLE — Vidullanka PLC of Sri Lanka has announced that its project companies have successfully secured contracts to develop 18.7 MW/93 MWh of battery energy storage systems (BESS) linked to existing solar power plants. These projects will be implemented on a build, own, and operate (BOO) framework for a duration of 15 years, according to a market disclosure from the company.
The firm estimates its equity investment in these four projects to be approximately 600 million rupees, although this figure may be adjusted based on the final capital structure and costs. Funding for this investment will primarily be sourced from the company’s internal cash flow generated by solar operations, supplemented by project-specific debt financing.
Vidullanka stated, “Integrating battery storage with existing ground-mounted solar facilities will enhance the evacuation of solar power, minimize energy loss, and contribute to grid stability throughout the 15-year power purchase agreement period.”
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The initiative comprises three installations of 4.9 MW/25 MWh each, undertaken by Solar Universe (Pvt) Ltd, Sooryashakthi (Pvt) Ltd, and DPV Solar Energy (Pvt) Ltd, in which Vidullanka maintains a 50 percent ownership stake. Additionally, the fourth project, VidulSolar (Pvt) Ltd located in Madampe, is fully owned by Vidullanka and has a capacity of 4.0 MW/18 MWh.
Before construction can commence, final documentation and official approvals are still required. The company noted, “While the bid prices from these project companies were within the acceptable range for winning evaluations, the projects will only be formally awarded upon receipt of official Letters of Award, regulatory approvals, and the signing of final project agreements.”
Further updates will be provided once the official awards and final contracts are completed, the company added. (Colombo/Sep28/2026)
