Green energy advocate Pan Global has received the final financial due diligence report produced by Ernst & Young, LLP India (E&Y India), enabling the company to move forward with the previously announced staggered acquisition of a 5.7 MW small-hydro project in northern India. Pan Global reports that the financial report meets the financial due diligence requirements of the acquisition agreement with Regency Yamuna Energy Ltd. (RYEL), a privately held Indian corporation.
“We thank E&Y India for their professionalism and timely delivery of their financial due diligence report on the project. We retained E&Y India to perform this important task because of their impeccable standards and integrity and with the expectation that they would help us reduce our acquisition risk,” Pan Global management stated in the news release. “We look forward to completing the next steps towards the next closing of the acquisition agreement.”
As previously announced, Pan Global, through its wholly owned subsidiary, Pan Asia Infratech Corp., has entered into a definitive stock purchase agreement with RYEL and its shareholders to acquire 100 percent of the outstanding shares and convertible debt of RYEL.
The project has a valuation of approximately USD$11.0 million, and is being commissioned by RYEL. The project is estimated to be 95 percent complete with commercial operation slated to begin in the fourth quarter of 2013.
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