Padiyapelella Hydropower Limited (PHL)Acquisition of 90% stake of Padiyapelella Hydropower Limited was effected on 28 August 2014. PHL is a limited liability company was incorporated on 31 July 2008 under the Companies Act No 07 of 2007. The Company obtained BOI status on 03 June 2010. Padiyapelella power plant is situated in Padiyapelella in the Central Province and its Phase I, with 3.5 MW capacity is nearing completion and is expected to supply power to the National Grid in the first quarter of 2015. In addition, Padiyapelella has already signed another power purchased agreement for Phase II – 3.0 MW. With this addition, the total capacity of the Group will be 11.9 MW paving the path to reach its strategy to produce 15 MW in near future. The Company is in a unique position to re-engineer the hydropower sector of Sri Lanka, offering shares to the public in order to generate investment and revolutionise the hydropower industry in Sri Lanka.
Panasian Investments (Pvt) Limited (PIL)Panasian Investments (Pvt) Limited (PAIPL), a private limited liability Company was incorporated on 14 February 2012 under the Companies Act No 7 of 2007. PAIPL is a 100% owned subsidiary of Panasian Power PLC (PAP).
With a strategy to diversify its operations, PAP invested in PAIPL, its arm to engage in strategic investments such as Solar Power, Wind Power and other sources of Renewable Energy. Company has set targets to develop 5MW Solar PV installation in the current year ( 2018) on rooftops in which first phase of 1.8 MW under construction.
Further, PAIPL is seriously looking at large scale on ground solar power project through competitive bidding to scale up its portfolio with the objective of maintaining group bottom line steady by mix of generation technologies/sources to mitigate seasonality variations.