Today Pan Global reported positive developments regarding the first small-hydro project it is acquiring in northern India. Known as “Project Badyar,” the 5.7MW small-hydro plant is steadily being acquired by Pan Global on a staggered basis. Tractebel Engineering, the global engineering firm representing Pan Global on-site, reported that initial site visits and inspections have been positive. Construction on the small-hydro project is expected to be finalized this spring, barring any unforeseen circumstances.
Tractebel Engineering conducted the inspections and visits as confirmation that construction was being completed to Pan Global’s standards and for ensuring the project’s long-term viability.
Pan Global’s management commented, “To date, two site visits and inspections have been conducted. We are pleased to report positively on the progress of Project Badyar’s construction. Specifically, the initial site visits demonstrated that RYEL has made significant progress towards completing construction towards the commercial operation date. Although work remains to be done, we do not expect this to impede commercial operations. We look forward to completing more site visits and inspections as we approach the launch of Project Badyar’s anticipated commercial operation. We also intend to continue increasing our equity stake in RYEL under our acquisition agreement with them.”
As previously disclosed, Pan Global has been steadily acquiring the small-hydro project from Regency Yamuna Energy Limited, a private Indian corporation commissioning the project. The companies and Regency Yamuna Energy Limited stockholders’ stock purchase agreement calls for Pan Global purchasing 100% of Regency Yamuna Energy Limited’s outstanding shares and convertible debt that has not been previously converted. At present, Pan Global holds 9.46% equity interest in Regency Yamuna Energy Limited.
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