Panasian Power mulls private placement with Emerald Fund | Daily News


Panasian Power mulls private placement with Emerald Fund

Panasian Power PLC (PAP.N), one of Sri Lanka’s leading green energy solutions providers, announced the private placement to institutional investor Emerald Fund (subject to Colombo Stock Exchange and shareholder approval) – one of the largest private equity funds dedicated to Sri Lanka. At Rs. 3.20 per share the Emerald Fund will invest Rs. 400 million amounting to a 20% stake in the company.

The proceeds from the placement will go towards PAP’s strategic objective of increasing local capacity to 30MW across all sources by 2020 and generate an annual revenue of Rs. 1 billion. The company currently has potentially 15MW of solar power in the pipeline consisting of 9MW rooftop and 6MW ground solar, 2MW of which will be connected to the grid shortly. Once completed these projects are expected to generate an annual revenue of Rs. 400 million.

PAP also seeks diversification through foreign projects and has identified African countries like Zambia, Kenya and Mozambique as suitable areas for investment thanks to their high energy demands.

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