Panasian Power PLC (PAP), a dynamic Sri Lankan renewable energy solutions organisation and a leading supplier of renewable energy to the national grid recently commissioned a 3 MW ground solar plant in Matara, worth a total investment of LKR 420 million.
Panasian Power is the equity investor and led all aspects of the construction including in-house engineering, design, site acquisition, acquiring permissions, simulation and procurement. Panasian Power also took the lead in securing power purchase agreements (PPA) for the project.
Panasian Power PLC (PAP), a dynamic Sri Lankan renewable energy solutions organisation and a leading supplier of renewable energy to the national grid recently commissioned a 3 MW ground solar plant in Matara, worth a total investment of LKR 420 million.
Panasian Power is the equity investor and led all aspects of the construction including in-house engineering, design, site acquisition, acquiring permissions, simulation and procurement. Panasian Power also took the lead in securing power purchase agreements (PPA) for the project.
Panasian Power PLC (CSE: PAP.N) one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs 248 million for the financial year ending March 31st, 2021, signifying a growth of 63% compared to the financial year in 2019/20. The Group saw a revenue increase of 62% in the final quarter of the year 2020/21 when compared with the corresponding quarter in FY 19/20. Net profit margin also grew year on year by 7%.
Key highlights for the year that paved Panasian Power’s path to a successful financial year were the commissioning of a total of 6.75MWp of solar projects across the country amidst difficult operating conditions given the global Covid crisis. This included a 3MWp ground solar project in Matara, and 3.75MWp of rooftop solar projects, along with the completion of pre-development for 2MWp of ground solar projects.
Panasian Power PLC has signed the agreement on 09th March 2018 as a consultant for 1MW Solar Power Plant in Beliattha.
Panasian Power PLC has signed the agreement on 09th March 2018 as a consultant for 1Mw Solar Power Plant in Beliattha.
Panasian Investments (Pvt) Ltd has signed the agreement on 10th November 2017 as a JV partner for 400Kw Rooftop Solar Power Project at Jinadasa Brothers Building in Boralesgamuwa.
Panasian Investments (Pvt) Ltd has signed the agreement on 15th November 2017 and incorporated PAP Solar One (Pvt) Ltd to invest and develop on 800Kw Rooftop Solar Power Project at Bernard
Botejue Industries Office Complex and Factory
With this acquisition Panasian will commence construction of two mini hydropower plants (MHP) in the Nuwara Eliya district in early 2018 with an estimated investment of Rs.400 million.
Upon completion, these MHPs are expected to yield a combined output of 7.53 GWh per annum.
“This latest acquisition is in keeping with our long term goal of increasing our renewable energy footprint to meet the local demand for clean, low cost energy.
Furthermore, our decade long experience in the mini hydropower sector makes us ideally suited to ensure that the project runs efficiently with the highest energy output,” said Pathmanatha Podiwala, General Manager of Panasian Power.
“Renewable energy projects like this will help propel Sri Lanka towards a sustainable energy future that will yield benefits throughout our economy and increase the quality of life.”
He went on to add that due to the convenient accessibility, short length of structures and minimal environmental impact, construction of the project is not expected to exceed 12 months.
The Lower Kotmale Oya Power Two(Pvt) Ltd was formed as a special purpose vehicle company to develop two cascade projects, the Lower Kotmale Oya II MHP and Medakumbura MHP, utilizing water resources from Kotmale Oya in the Pundaluoya township, Nuwara Eliya district.
Panasian Power, which was incorporated in 1982, owns and operates mini hydropower plants and supplies electricity directly to the Ceylon Electricity Board in accordance with the Small Power Purchase Agreement (SPPA) entered into on 5th July 2004 and spans for 15 years with a further extension of 5 years.
Panasian Power PLC made several investments aimed at developing infrastructure and creating opportunities for communities in Sri Lanka during the year in review commencing with the repair of badly damaged village access road in the Rathurugala area of the Ratnapura District.
Additionally, the Company made a generous donation to the Ratnapura Divisional Secretariat during the last year in order to fund an overseas trip for children from the local Sunday School in order to enable these children to experience their first time in a foreign land thereby empowering them with the motivation and drive to succeed in their own educational careers.
Panasian Power PLC announced that Mr. Senthilverl Senthia Nandhanan appointed as Non-Executive Director of the company with effect from June 05, 2017. He possess 18 years of corporate management experience actively manages a leading group of company as CEO.
Panasian Power PLC reported group and company earnings results for the fourth quarter and full year ended March 31, 2017. For the quarter, the group reported revenue of LKR 58,868,759, operating profit of LKR 32,926,472, profit before taxation of LKR 9,280,873, profit of LKR 9,280,873, profit attributable to owners of the parent was LKR 6,997,480 or LKR 0.02 per share against revenue of LKR 58,256,664, operating profit of LKR 36,301,454, profit before taxation of LKR 23,401,919, profit of LKR 17,181,367, profit attributable to owners of the parent was LKR 17,398,788 or LKR 0.03 per share a year ago. For the quarter, the company reported revenue of LKR 3,707,838, operating loss of LKR 7,661,642, loss before taxation of LKR 31,005,743, loss of LKR 31,005,743, loss attributable to owners of the parent was LKR 31,304,891 or LKR 0.06 per share against revenue of LKR 21,703,216, operating profit of LKR 10,802,520, loss before taxation of LKR 2,633,010, loss of LKR 5,615,300, loss attributable to owners of the parent was LKR 5,728,439 or LKR 0.01 per share a year ago. For the year, the group reported revenue of LKR 204,567,314, operating profit of LKR 117,048,649, profit before taxation of LKR 38,494,664, profit of LKR 34,662,510, profit attributable to owners of the parent was LKR 33,053,378 or LKR 0.07 per share against revenue of LKR 287,187,421, operating profit of LKR 200,167,063, profit before taxation of LKR 150,127,381, profit of LKR 134,907,185, profit attributable to owners of the parent was LKR 135,406,296 or LKR 0.27 per share a year ago. Net cash flow from operating activities was LKR 45,988,977 against LKR 174,248,533 a year ago. Purchase of property, plant and equipment was LKR 202,875,743 against LKR 15,519,011 a year ago. For the year, the company reported revenue of LKR 125,395,386, operating profit of LKR 80,433,890, profit before taxation of LKR 661,163, loss of LKR 1,860,338, loss attributable to owners of the parent was LKR 2,159,486 or LKR 0.00 per share against revenue of LKR 166,548,590, operating profit of LKR 149,064,322, profit before taxation of LKR 97,441,985, profit of LKR 93,691,485, profit attributable to owners of the parent was LKR 93,804,624 or LKR 0.19 per share a year ago. Net cash flow used in operating activities of LKR 32,152,736 against net cash flow from operating activities of LKR 47,719,889 a year ago. Purchase of property, plant and equipment was LKR 2,350,157 against LKR 6,304,160 a year ago.
Panasian Power PLC announced that Dr. Pratap Ramanujan has relinquished his duties as CEO with effect from March 31, 2017 and will continue in office as the Non Executive Chairman. Mr. Siddi Mohamed Farook, non executive director has been appointed as managing director with effect from April 1, 2017. Mr. Thirunavukarasu Someswaran, independent non executive director has resigned from the board with effect from March 29, 2017.
