Subsidiaries

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)

With a strategy to diversify its operations, PAP invested in PIL, its arm to engage in strategic investments. Panasian Investments (Pvt) Limited, a private limited liability Company incorporated on 14 February 2012 under the Companies Act No 7 of 2007. PIL is a 100% owned subsidiary of PAP.

Manelwala Hydropower (Pvt) Limited (MHPL)

PAP acquired 100% ownership of MHPL on 31 August 2010, a private limited liability Company incorporated on 06 May 2002 under the Companies Act No. 7 of 2007. The subsidiary which owns and operates a 2.4 MW mini hydropower plant at Walapane in Nuwara Eliya District was registered with Board of Investment on 20 October 2005. The commercial operations of the Company commenced on 18 June 2008 in accordance with the SPPA to supply energy to Ceylon Electricity Board which expires in June 2023. The plant’s channel length is 1800m long and it has a head of 280m.