Panasian Power expands further with 6.5 MW

Delivering its promise made at the Initial Public Offering, the Board of Directors of Panasian Power PLC has taken a decision to add another 6.5 Mega Watts to their current 4.4 Mega Watts (produced presently by the company’s hydro power plants in Rathganga and Walapane).

This additional capacity of 6.5 Mega Watts is presently owned by Power Hub International SDN BHD, a Malaysian based conglomerate, with their hydro power plant situated in Padiyapellala in the Central Province of Sri Lanka.

The Padiyapellala Power Plant Phase I is nearing completion and will contribute 3.5 Mega Watts to the National Grid from January 2012. In addition, Padiyapellala has already signed another power purchase agreement for Phase II – 3.0 Mega Watts.

Panasian Power PLC, under the stewardship of Dr. P. Ramanujan and its Board of Directors are on a strategic development drive with the company’s new stakeholders adding vigour to the growth in a bid to revitalise and maximise potential of the industry.  The company stands dedicated to increase its capacity and transform into a major player in the power sector.

 “We have signed a MoU with Power Hub International SDN BHD to complete the Padiyapellala transaction subject to a valuation by a reputed bank and share holder approval,” Dr. Ramanujan said in a statement released by the company.

Dilith Jayaweera, Jt. Managing Director of Emagewise, Director of Citrus Leisure PLC & Director of Colombo Land PLC, has been appointed a Director of Panasian Power PLC with effect from Monday 13 June 2011.

FT Alert

Dilith Jayaweera, Jt. Managing Director of Emagewise, Director of Citrus Leisure PLC & Director of Colombo Land PLC, has been appointed a Director of Panasian Power PLC with effect from Monday 13 June 2011.