Delivering their 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 & 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. P. 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 June 13.
source - www.dailymirror.lk
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