Business News from Sri Lanka: At the Movenpick Hotel, Colombo, Panasian Power (PAP), one of Sri Lanka’s leading providers of green energy solutions, recently held its opening investor meeting. More than 40 high-profile investors, members of major brokerage firms and bankers attended the event.
Panasian Power Non-Executive Director Dilanka Jinadasa, Executive Director Pathmanatha Poddiwala and Financial Director Gayan Gunawardana presented the economic outcomes of the company–including net profit development of 48 percent year-on-year in the latest quarter–their development strategy and pipeline initiatives that will assist PAP to attain its 30 MW capability installed by FY21.
Following the presentations, cocktails gave investors the chance to have detailed one-on-one conversation with the Board of Directors and senior management on future outcomes, growth and strategy.
This opening event is taking place on the heels of the company’s most productive financial year in which PAP increased revenue to Rs 761 million, representing a 56 percent increase over the past year. YoY also increased its net profit margin by 19 percent.
With PAP recently finishing a private placement with the renowned institutional investor the Emerald Fund, these stellar findings, and consistent performance have attracted global attention. The Fund, supported by IFC, Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) acquired a 20% interest in PAP valued at Rs 2 billion.
At present, Panasian Power has a solar portfolio of 6MW and a complete capability of over 14MW. The firm has an additional 5MW of floor solar in the pipeline under the Soorya Bala Sangramaya system–launched by the Ministry of Power and Renewable Energy–and another 4MW of rooftop solar under development as the business continues to grow its solar power capacity.
Panasian Power PLC (founded in 2002) owns and runs mini hydroelectric power plants that directly supply electricity to the Ceylon Electricity Board. The firm diversified into solar energy in 2017 to achieve its goal of having a 30MW energy portfolio by 2020.