Panasian Power grows solar portfolio revenue tenfold in third quarter

Wednesday, 26 February 2020 00:03 - - {{hitsCtrl.values.hits}}

Panasian Power GM and Executive Director Pathmanatha Poddiwala

Panasian Power PLC, one of Sri Lanka’s leading green energy solutions providers, grew revenue to Rs. 253 million for the quarter ending 31 December 2019, an increase of 13% compared to the same period last year. Net profit also grew for the period to reach Rs. 147 million.

These results were possible due to rainfall returning to historical averages and the continued growth of the company’s solar portfolio which contributed Rs. 25 million in revenue, up from Rs. 2 million during the same period last year. The increased contribution from solar towards the company’s balance sheet is in keeping with their vision of becoming a diversified renewable energy supplier.

Additionally, PAP’s hydro power plants continued to provide best in class uptime, recording less than 1% controllable outages during the period.

Speaking about the company’s performance Panasian Power GM and Executive Director Pathmanatha Poddiwala said, “Our vision of diversifying our portfolio is now paying dividends as we grew revenue from solar more than tenfold this quarter. We firmly expect this growth to continue in the short to medium term as we double that portfolio with a 5MW rooftop solar project that is currently awaiting connection to the grid.”

“Of course, as we cement our position in the local market we continue to pursue opportunities globally in order to further enhance our bottom line and benefit our stakeholders.

In Zambia we continue development work on a mini hydropower project that we expect to generate 10MW and have begun exploratory work for solar, hydro and wind projects in Nepal, Mozambique and Myanmar. These projects represent our continued commitment to diversification and firm belief that it will fuel our growth in the long-term.”

As of 31 December 2019 PAP’s net asset value per share stood at Rs. 3.05 up from Rs. 2.96 during the same period in 2018.

Panasian Power PLC, which was incorporated in 2002, owns and operates mini hydropower plants supplying electricity directly to the Ceylon Electricity Board. In 2017, the company diversified into solar energy to meet its target of having an energy portfolio of 30MW by 2021.