Panasian Power to raise Rs. 400 million from Emerald Fund to invest in solar power plants
Panasian Power Plc has reportedly announced its plans to raise Rs. 400 million from the Emerald Fund, which is dedicated to investing in Sri Lanka to part finance 9 MegaWatts of solar power plants in several parts of the country.
The local media has reported that the firm will privately place 125 million shares at Rs. 3.20 per share to with Emerald Fund, which is incorporated in Mauritius, amounting to 20 percent of the stock and Panasian Power has called a shareholders’ meeting to get clearance.
Emerald Fund is managed by NDB Zephyr Partners Limited, which is a 60/40 joint venture between Sri Lankas NDB Capital Holdings Limited and Zephyr Management LP of USA, the media report has noted.
Panasian Power has meanwhile state that each 1MW ground solar plan will cost Rs. 148 million to build and that it will build a 1MW plant in Beliaththa for Rs. 148 million and 2MW in Matara for Rs. 296 million.
Also, plants of 1MW each will be build it Panna, Ampara, Maho, Matara and two plants of 1MW each in Habarana through another unit.
The total estimated cost will be Rs. 1,332 million.
OSL take:
Sri Lanka’s power and energy sector is a hotspot for business/investment opportunities. The government of Sri Lanka is engaged in finding renewable energy solutions to address the country’s power crisis. Therefore foreign businesses/investors could explore opportunities in Sri Lanka’s power and energy sector.
| Article Code : | VBS/AT/19062019/Z_6 |