Emerald Sri Lanka Fund invests in Pan Asian Power, more solar projects
ECONOMYNEXT – Emerald Sri Lanka Fund will take a 20 percent stake in Pan Asian Power (PAP) in a proposed private placement at 3.20 rupees a share with the money to be used to partly finance solar power projects.
A stock exchange filing said PAP has decided to issue by way of a private placement 125 million ordinary voting shares to Emerald Sri Lanka Fund I Limited, amounting to a total consideration of 400 million rupees.
PAP last traded unchanged at three rupees Thursday.
The proceeds of the private placement will be used to part finance several ground solar power projects PAP plans to build this year with a total investment of about 1.3 billion rupees, the statement said.
It said Emerald is the largest private equity fund dedicated to Sri Lanka, seeking to make growth capital investments in the range of 2 – 6 million US dollars in equity and equity-linked securities.
The Emerald Fund is managed by NDB Zephyr Partners Limited, a joint venture between NDB Capital Holdings Limited with a 60 percent stake and Zephyr Management L.P (USA) holding the rest.
Contributors to the Emerald Fund include NDB Capital Holdings Limited, International Finance Corporation (IFC), Deutsche Investitions –und Entwicklungsgesellschaft mbH (DEG) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.(FMO).
(COLOMBO, May 03, 2019-SB)