Panasian Power announces vision for the future at inaugural investor conference
View(s):Panasian Power (PAP), one of Sri Lanka’s leading green energy solutions providers, recently held its inaugural investor conference at the Movenpick Hotel, Colombo, attended by over 40 high profile investors, members of leading brokerage firms and bankers.
Panasian Power Non-Executive Director Dilanka Jinadasa, Executive Director Pathmanatha Poddiwala and Financial Director Gayan Gunawardana presented the company’s financial results – which include a 48 per cent year-on-year growth in net profit in its most recent quarter –, the growth strategy and the projects in the pipeline that will help PAP achieve its 30 Mega Watt (MW) installed capacity by FY21, the company said in a media release.
This inaugural event comes on the heels of the company’s most successful financial year in which PAP grew revenue to Rs.761 million, representing a growth of 56 per cent compared to the previous year. Net profit margin also grew YoY by 19 per cent. These top results and consistent performance have drawn international attention with PAP recently completing a private placement with renowned institutional investor the Emerald Fund. The Fund, which is backed by the International Finance Corporation (IFC), Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), purchased a 20 per cent stake of PAP at a Rs.2 billion valuation.
Panasian Power currently has a solar portfolio of 6MW and a total generation capacity of over 14MW. The company has a further 5MW of ground solar in the pipeline under the Soorya Bala Sangramaya scheme – which was initiated by the Ministry of Power and Renewable Energy – and another 4MW of rooftop solar under construction as the company continues to expand its strength in solar energy.
Panasian Power PLC (incorporated in 2002) owns and operates mini hydropower plants supplying electricity directly to the Ceylon Electricity Board. In 2017, the company diversified into solar energy to meet its target of having an energy portfolio of 30MW by 2020.