Panasian Power to raise Rs400mn for solar power from Emerald Sri Lanka fund
ECONOMYNEXT – Panasian Power Plc, said it plans to raise 400 million rupees from Emerald Fund, which is dedicated to investing in Sri Lanka to part finance 9 MegaWatts of solar power plants in several parts of the country.
The firm will privately place 125 million shares at 3.20 rupees per share to with Emerald Fund, which is incorporated in Mauritius, amounting to 20 percent of the stock.
Panasian Power has called a shareholders’ meeting to get clearance.
Emerald Fund is managed by NDB Zephyr Partners Limited, which is a 60/40 joint venture between Sri Lankas NDB Capital Holdings Limited and Zephyr Management LP of USA.
Panasian Power said each 1MW ground solar plan will cost 148 million rupees to build.
It will build a 1MW plant in Beliaththa for 148 million rupees, 2MW in Matara for 296 million rupees.
Plants of 1MW each will be build it Panna, Ampara, Maho, Matara and two plants of 1MW each in Habarana through another unit.
The total estimated cost will be 1,332 million rupees. The firm said there could be cost overruns. (Colombo/June18/2019)