Today before the opening bell, Pan Global announced it had begun a due diligence investigation process on a second small hydro-plant that it is weighing the prospects of acquiring. The hydro-plant is said to have a power capacity of 9.5MW and be located in Northern India. The third party reviewing the hydro-plant for Pan Global is Tractebel Engineering Pvt. Ltd., a global engineering consulting company with over 100 years of experience in energy and infrastructure projects.
Pan Global’s management commented, “Pan Global remains committed to building a diverse portfolio of green energy projects. We continue to be confident about completing our first small-hydro plant acquisition and look forward to reviewing the due diligence reports and considering this second power plant as a potential acquisition.”
Tractebel Engineering’s review is on pace to be completed within the next few weeks. If the plant is found to be satisfactory in the review, Pan Global would enter into legal and accounting due diligence using the same teams that assisted with the due diligence efforts of its current staggered acquisition efforts of a 5.7MW small-hydro project in northern India.
Pan Global continues to make strong progress on its first acquisition, of which it completed the second tranche of its first closing on December 24, 2013. There, the company acquired 620,690 common shares from the plant’s project commencer, Regency Yamuna Energy Limited, bringing its aggregate common share total to 1,241,380 common shares.
For more information about Pan Global, its commitment to building energy-efficient and environmentally projects around the world, and its progress, visit: www.panglobalcorp.com
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