Today before the opening bell, Pan Global said that the construction of a small hydro-plant in North India, which the company is targeting, remains on track. The project is a small, 5.7 MW hydro plant, and Pan Global intends full acquisition of it. The project is slated for completion in the next 45 to 60 days, barring any unforeseen circumstances or adverse weather conditions.
Pan Global’s management stated, “We are pleased the final construction phase is on track for the last 5% of the project as the plant moves closer to being connected to the power grid. We plan to continue to increase our equity interest in Regency Yamuna Energy Limited under our acquisition agreement with Regency Yamuna Energy Limited.”
Pan Global has been working toward a 100% acquisition of the hydro plant through a staggered acquisition of the plant project’s commencer, Regency Yamuna Energy Limited. Pan Global recently announced it had completed the third tranche of the acquisition and now holds 7.51% equity interest in the privately held Indian company.
As previously disclosed, Pan Global entered in a stock purchase agreement with Regency Yamuna Energy Limited on October 28, 2013. That purchase entailed the total acquisition of all outstanding common shares and convertible debt (not previously converted) of the Indian company. More details about the stock purchase agreement can be found in Pan Global’s filing with the SEC on October 29, 2013.
Pan Global Corp., through its wholly-owned subsidiary, Pan Asia Infratech Corp., is focused on environmentally sustainable energy, infrastructure, and technologies. The company’s aim is to invest in green energy technology and infrastructure to build an inclusive green economy around the world.
For additional information, please visit: www.panglobalcorp.com
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