Panasian Power to expand capacity; signs up with Vidullanka

Monday, 3 January 2011 00:01 - - {{hitsCtrl.values.hits}}

Panasian Power Limited, which recently concluded a Rs. 600 million IPO, has taken steps, as stated in the prospectus of its IPO, to expand its plant capacity of the mini-hydro plant at Rathganga, Ratnapura.

The present capacity of 2MW will be increased to 3MW, which will increase its supply of electricity to the CEB. The company has already obtained CEB approval for this expansion.

Panasian Power Limited Chairman Dr. Prathap Ramanujam said: “The company will continue to increase its capacity with new acquisitions as part of its strategy to increase its capacity to 15MW of mini hydropower generation. The company is also considering expanding investment into other sustainable renewable energy sources.”

The construction agreement to implement this was signed between Panasian Power Limited and Vidullanka PLC on 30 December 2010. The plan is expected to be in operation by December 2011.