Annual Report for the year ended 31 March 2025

WINDFORCE PLC

ANNUAL REPORT 2024/25

Growth, for us, is more than just scaling up—it is about moving forward with purpose. We remain deeply committed to environmental stewardship, ensuring that our advancements contribute to a greener tomorrow without compromising the delicate balance of our ecosystems. Our projects are

designed to harness the power of nature while protecting it, reinforcing our pledge to a future where progress and sustainability go hand in hand.

At the heart of our journey is empowerment—not just through energy, but through opportunity. From uplifting communities to fostering an inclusive workforce, we continue to create avenues where talent, innovation,

and responsibility converge. Our commitment to diversity, especially in championing women in renewable energy, is a driving force behind our success. As we move ahead, our vision remains clear: to propel clean energy

forward with integrity, responsibility, and unwavering momentum. With each rotation of our turbines, we power not just homes and industries, but a future that is brighter, stronger, and truly sustainable.

WindForce PLC: Responsible Growth in Motion

CONTENTS

Overview

About Us

Organisational Overview Report Profile

Group Structure

Our Presence in the Value Chain Our Social and Economic Impact Our Projects

Milestones Financial Highlights

Non-Financial Highlights

4

5

8

12

14

15

18

42

44

46

Leadership

Chairman’s Message Managing Director’s Message Board of Directors

Corporate Management

48

52

56

62

The Strategic Report

Our Business Model Responding to Our Stakeholders Operating Environment

Our Strategy

Integrating Sustainability Materiality

66

68

70

76

82

84

Review of Business Operations

Wind Power Generation Solar Power Projects Hydropower Generation Automobile Sector

89

91

94

96

The Capital Reports

Financial Capital

Social and Relationship Capital Human Capital

Intellectual Capital

Manufactured Capital Natural Capital

100

106

116

128

136

142

48

Chairman’s

Message

52

56

Board of Directors

MD's

Message

66

Our Business Model

Stewardship

Corporate Governance Risk Management

Annual Report of the Board of Directors on the Affairs of the Company Board of Directors’ Statement on Internal Controls

Statement of Directors’ Responsibility on Financial Reporting Report of the Audit and Risk Committee

Report of the Remuneration Committee

Report of the Nominations and Governance Committee Report of the Related Party Transactions Review Committee

Managing Director’s, Chief Executive Officer’s and Chief Financial Officer’s

Responsibility Statement

151

176

181

185

186

187

188

189

190

191

Financial Reports

Financial Calendar Independent Auditors’ report Statement of Profit or Loss

Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows

Notes to the Financial Statements

193

194

198

199

200

202

203

204

Supplementary Information

Five Year Summary Investor Information

Independent Assurance Report to the Board of the Directors GRI Content Index

SASB Indices Corporate Information

Notice of Annual General Meeting Notes

Form of Proxy

262

264

266

268

278

280

281

282

283

WindForce Instagram

WindForce Facebook

WindForce LinkedIn

151

Corporate Governance

176

Risk Management

198

Statement of Profit or Loss

200

Statement of Financial Position

281

Notice of Annual General Meeting

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4

ABOUT US

Our History

WindForce PLC was incorporated in July 2010 to promote and to handle all aspects of renewable energy developments. Over the years, through its investments in the renewable energy space, what began with a team of 5 individuals including our Managing Director, has now transformed to become the largest Independent Power Producer in the renewable energy generation sector in Sri Lanka and have expanded operations globally.

Since inception, WindForce’s strategy has remained firmly anchored to its mission. Hence, we use a combination of short, medium and long-term planning cycles to enable WindForce to realise its strategic intent, while striking the right balance to safeguard stakeholder interests.

WindForce’s overall strategy is underpinned by four strategic pillars that have been established by scrutinising the list of material topics relevant to the Company.

ORGANISATIONAL OVERVIEW

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5

• GRI 2-1

Established in 2010, WindForce PLC leads Sri Lanka’s renewable energy sector as its largest Independent Power Producer, with a growing global presence. We manage the entire lifecycle of renewable energy projects – from feasibility studies and engineering to construction, commissioning, and ongoing operation and maintenance.

Our diverse portfolio spans wind, solar, and hydropower. We drive sustainable growth focused on expansion, profitability, and ESG principles, delivering clean energy solutions for a greener future. This approach, combined with a wide geographical footprint, gives us a commanding 18% market share among our Sri Lankan peers.

Sri Lanka’s leading sustainable energy Producer

Seasoned and versatile engineering team

60% of our installed capacity is located in Sri Lanka

243 MW

installed capacity

Rs. 16.97 (USD cents 5.65)

Our average Selling price to CEB

Handle the complete operation and maintenance lifecycle of the plants

Engineers with accreditation from the RISO Campus of DTU

Vision

To pioneer and spearhead the

growth of renewable energy in Sri Lanka and progress into overseas markets with the use of cutting-edge technology and

energy-efficient renewable energy plants that are socially, financially, and legally sustainable to our investors in the long run.

Mission

To hold our position as the

largest contributor to Sri Lanka’s renewable energy by investing in viable,

eco-friendly, and state-of-the-art renewable energy power plants and to venture

beyond our shores and become prominent players in the global market.

ORGANISATIONAL OVERVIEW CONTD.

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6

Economic

Environmental

Social

Governance

5.71% ROA

Rs. 39 Bn.

Assets

Rs. 2,250 Mn.

PAT

Rs. 6,903 Mn.

Revenue

253

Electric Two-Wheelers Sold

142,539 Units of Carbon

Credits to be Sold

562 GWh

Renewable Energy Produced

398,821 MT

CO2 Emission Saved

Source from Suppliers with Proven Compliance & Track Records

Rs. 37 Mn.

Investment in CSR

5,200+ CSR

Beneficiaries

206

Employees and Gender Diversity

Strong Business Ethics and a Culture of Transparency and Anti-Corruption

Competent and Balanced Board of Directors

Robust Risk Control Framework

Rs. 6,903 Mn.

Revenue

Wind

• Pioneering wind power producer in Sri Lanka

• 8 wind power plants in operation

• Sri Lanka’s leading supplier and facilitator of wind power

• Saved 154,768 MT of CO2 emissions

Solar

• Pioneer of Agrivoltaic Plants in Sri Lanka

• 12 solar power plants across the globe

• Saved 171,447 MT of CO2 emissions

Hydro

• 10 hydropower plants

• Saved an estimated 72,606 MT of

CO2 emissions

Automotive

• Sale of E-two wheelers

• After-sales network increased to 79 outlets

• 2 new models introduced to the market under VMOTO brand

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7

Our Presence

As Sri Lanka’s largest renewable energy developer with international operations, we manage a diverse portfolio of 08 wind, 12 solar, and 10 hydropower plants both domestically and overseas.

REPORT PROFILE

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8

Improvements to Our Report

• We detail our adoption strategy for IFRS S1 and S2 standards, demonstrating transparency and commitment to evolving reporting requirements.

Scope and Boundary

• GRI 2-2

This report covers the WindForce Group’s operations in Sri Lanka, Pakistan, Uganda, and Ukraine, outlining our core business as

a renewable energy producer. Reporting boundaries for financial and non-financial information are aligned to the Group level, unless specified otherwise. Non-financial data for equity-accounted investees has been aggregated. The Group’s organisation structure is detailed on page 12.

• GRI 2-3

This is the 5th Integrated Annual Report of WindForce PLC, providing a balanced account of our performance for the financial year ending 31st March 2025. Statements herein are substantiated by evidence from reliable sources, where appropriate. Building

on our 2023/24 report, which is our most recent report preceding the publication of this report, we continue our commitment to enhancing readability and highlighting material matters.

Standards and Frameworks

We align our reporting with global best practices and comply with the internationally accepted reporting frameworks listed below:

Risk and Governance Reporting

• Colombo Stock Exchange Listing Rules

• Code of Best Practice on Corporate Governance issued jointly by the Institute of Chartered Accountants of Sri Lanka (ICASL) and Securities and Exchange Commission of Sri Lanka (SEC)

Reporting Principles

• Framework 2021 issued by the International Integrated Reporting Council

• GRI Standards issued by the Global Reporting Initiative in 2021

• The Companies Act No. 7 of 2007

• Sri Lanka Accounting Standards issued by the Institute of Chartered Accountants of Sri Lanka

Sustainability Reporting

• Global Reporting Initiative (GRI) Standards

• UN Sustainable Development Goals

• Sustainability Accounting Standards Board (SASB)

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9

Integrating ESG to Facilitate Integrated Thinking

Taking on the challenge of GRI reporting four years ago, our organisational processes have evolved to integrate non-financial information into the reports used for monitoring performance at every level, from the factory to the Board. These are affirmed by certifications on environmental and social responsibility, which serve to enhance management of these topics whilst also facilitating access to markets. All these services embed ESG principles into our organisational processes, providing deeper insights into our impacts on society and the environment and stakeholder concerns. These insights facilitate holistic decision-making through integrated thinking, optimising the efficient allocation of finite resources. This information also feeds into our risk management processes, enabling evaluation of potential threats and opportunities which are critical for resource allocation decisions to deliver progress on strategic goals and strengthen the resilience of the Group.

Assurance

• GRI 2-5

Demonstrating our commitment to transparency and reliability, we obtained limited assurance from Deloitte Sri Lanka, confirming that the sustainability information within our Integrated Annual Report has been prepared in accordance with the GRI Standards.

Messrs Ernst & Young provided assurance on financial statements. Their report is set out on page 194.

Connectivity of Information

The Capitals

Stakeholders

Strategy

Financial Capital Customers Progressive Growth

Human Capital

Employees

A Great Place to Work

Social & Relationship

Capital

Communities

Manufactured Capital

Investors

The connectivity of information has been improved by the use of the following icons throughout the report.

REPORT PROFILE CONTD.

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10

Significant Changes During the Year & Restatements

• GRI 2-4

There were no significant changes requiring restatements of financial or sustainability information during the reporting period.

Forward-Looking Statements

Included in this report are forward-looking statements derived from current information, perceptions, and opinions available to us. These statements aim

to facilitate assessment of the Group’s future performance but are subject to inherent uncertainties. Because they pertain to future events, outcomes, and impacts beyond our control, their ultimate accuracy can only be determined later.

The operating environment remains unpredictable, particularly considering significant geopolitical risks. We advise readers to evaluate these forward-looking statements using the most current information and their own judgment. In light of the high degree of uncertainty, neither the Board nor other preparers of this Annual Report assume any liability for these statements.

Feedback & Inquiries

Acknowledgement

The Annual Report has been prepared by the Senior Management of the Group on behalf of the Board of Directors. Senior Management has used internal and external resources in compiling this report to enhance the presentation and readability of the report.

The Annual Report of the Board of Directors includes an acknowledgement of the Directors’ responsibilities with regard to the Annual Report. The Board of Directors acknowledge their responsibility to ensure the integrity of the Integrated Report and are of the opinion that the Integrated Annual Report of WindForce PLC for the financial year ending 31 March 2025 is presented in accordance with the Framework 2022.

Ranil Pathirana Dilshan Hettiaratchi Lasith Wimalasena Chairman Chairman Chief Executive Officer Board of Directors Audit and Risk Committee WindForce PLC

This report is available online at:

• GRI 2-3

SCAN ME

Our Official Website:

CSE Website:

Link

CSE Website at: https://www.cse.lk/pages/ company-profile/company-profile.component. html?symbol=WIND.N0000

We are committed to improving our reporting and welcome your feedback. Please send comments and suggestions to:

lasith@windforce.lk (Chief Executive Officer)

GROUP STRUCTURE

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Subsidiaries

100%

Renewgen (Pvt) Limited

100%

Seguwantivu Wind Power (Pvt) Limited

100%

Vidatamunai Wind Power (Pvt) Limited

100%

Powergen Lanka (Pvt) Limited

95.83%

Daily Life Renewable Energy (Pvt) Ltd.

100%

Hiruras Power (Pvt) Ltd.

90%

Sunny Clime Lanka (Pvt) Ltd.

90%

Seruwawila Photovoltaic (Pvt) Ltd.

100%

Hirujanani (Pvt) Ltd.

100%

Suryadhanavi (Pvt) Ltd.

88.50%

Kebitigollewa Solar Power (Private) Ltd.

100%

SKY Solar (Pvt) Ltd.

80%

Tororo Pv Power (Pvt) Ltd.

100%

Energy Reclamation (Pvt) Limited

96%

Satva Automotive (Pvt) Ltd.

100%

BlueSky EV (Pvt) Ltd.

50%

Solar Universe (Pvt) Ltd.

50%

Sooryashakthi (Pvt) Ltd.

Holding Company

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13

66.40%

Joule Power (Pvt) Ltd .

66.40%

Beta Power (Pvt) Ltd.

76.13%

Vydexa (Lanka) Power Corporation (Pvt) Ltd.

100%

Terraqua International (Pvt) Ltd.

100%

Terraqua Kokawita (Pvt) Ltd.

100%

Melanka Power

Morakatiya Pvt Ltd.

100%

Peak Power Delta Pvt Ltd.

100%

H P D Power Pvt Ltd.

36%

Mahoma Uganda Ltd.

Equity Accounted Investees

50%

Vidul Madugeta Pvt Ltd.

50%

Gurugoda Hydro (Pvt) Ltd.

25.50%

Ziba Ltd.

49%

Nirmalapura Wind Power (Pvt) Limited

50%

Solar One Ceylon (Pvt) Ltd.

30%

Gharo Solar Limited -Pakistan

Solar Power Plants Wind Power Plants Hydropower Plants Automotive Companies

OUR PRESENCE IN THE VALUE CHAIN

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14

• GRI 2-6

Power Development Power Distribution Power Transmission Ceylon Electricity Board

Power development

OUR SOCIAL AND ECONOMIC IMPACT

WindForce PLC Annual Report 2024/25

15

We fulfill our socio-economic responsibility by collaborating closely with local communities and stakeholders. This partnership ensures our actions are aligned with their priorities, fostering their wellbeing and development.

Advancing Renewable Energy Generation

We maintain a balanced renewable energy portfolio across Wind, Solar, and Hydro with optimal local and international exposure.

30 power plants

in Sri Lanka and overseas

243 MW total

installed capacity

Development into the

electric two-wheelers (EV) automotive segment

60% of the installed 40% of the installed We are the only company in

capacity is based in capacity is spread Sri Lanka operating Sri Lanka across 3 continents large-scale wind plants

Proposed 5 MW floating

solar project will be the first commercial-scale initiative of its kind

Setting new standards in

innovation and dependability by integrating a 12 MWh Battery Energy Storage System (BESS)

Enhancing Renewable Capabilities in Sri Lanka

By championing technological innovation, we are enhancing Sri Lanka’s renewable energy capabilities and driving long-term, sustainable growth within the sector.

Advancing Sri Lankan technology via Norsk Solar & Frontier Energy partnerships

In-house SCADA systems for solar power

Sole provider of predictive solar irradiance forecasts in Sri Lanka

Our engineers hold DTU/RISO accreditation

First to implement agrovoltaic technology in Sri Lanka

Full lifecycle wind power expertise

In-house workshop for turbine repairs using proven technology

OUR SOCIAL AND ECONOMIC IMPACT CONTD.

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16

External Sector Activities

We pioneered international expansion for Sri Lankan renewables, with operations in Uganda, Ukraine, and Pakistan.

We are the first renewable energy company to operate across international markets

Offshore earnings covers approximately 18% of the

Group revenue

03

Employees in overseas operations

Rs. 1,041 Mn.

Tax payment to government

Uplifting Employment

206

Employees

Rs. 16 Mn.

investment in employee training and development

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17

Positive Impact on Communities

Rs. 37 Mn.

Investment in CSR

Over 5,200 Beneficiaries

Sipsathara 2,540 Beneficiaries

Sahana

800 Beneficiaries

Haritha Huruwa 968 Beneficiaries

Athahitha

90 Beneficiaries

Suwadiri 802 Beneficiaries

Developing Capital Markets

One Listed Company

in the Group

Rs. 33.8 Bn.

Market Capitalisation

Fitch Rating -

A+ (lka) Stable Rating

Rs. 1.35 Bn.

Dividend Paid

WIND

OUR PROJECTS

8

Plants

217.9GWh

Annual Generation

154,768MT

CO2 Saved

84.2MW

Installed Capacity

WE HARNESS WIND POWER TO DELIVER CLEAN, RENEWABLE ELECTRICITY AND REDUCE CARBON EMISSIONS.

Charting the course for clean energy in Sri Lanka, we stand as the nation's pioneering and sole large-scale wind power operator. With a formidable 84.2 MW capacity, we generate 32% of Sri Lanka's total wind energy, a testament to our strategic site selection and operational excellence. Our journey has endowed us with unique advantages, from securing favourable tariffs to cultivating deep in-house expertise spanning the entire lifecycle of wind plants – from initial design to complex component repairs managed at our dedicated workshop. The past fiscal year (FY 2024/25) saw us consolidate our position; while capacity remained steady, generation experienced a marginal decline (2%), reflecting the ongoing impact of previous technical challenges despite mitigation efforts. Our future is one of strategic evolution. We are poised to boost efficiency and output by replacing ageing turbines with innovative, higher-capacity models at our established high-wind locations. Simultaneously, we are unlocking new potential by considering the launch of our specialised repair services as a standalone business, initially serving the domestic market with an eye on South Asian expansion and exploring external applications for our civil design expertise. Aligned with national clean energy targets, we are leveraging our unique foundation and capabilities to drive sustainable growth and solidify our leadership in Sri Lanka's energy transition.