Pan Global, a company focused on environmentally sustainable energy, infrastructure, and technologies, today confirmed that it is on-track with pre-closing requirements, including preliminary technical and financial due diligence reports, for the company’s acquisition of a small hydroelectric power plant located in India.
As previously disclosed, Pan Global, through its wholly owned subsidiary, Pan Asia Infratech Corp., entered into an agreement to acquire 100 percent of the outstanding shares and convertible of Regency Yamuna Energy Limited (RYEL), a privately held Indian corporation commissioning a 5.7 MW small-hydro project in northern India. The project’s valuation is approximately USD$11.0 million.
Upon closing, this will be Pan Global’s first acquisition. The project itself is estimated to be 95 percent complete with commercial operation slated to begin during the fourth quarter of 2013.
“We have received a preliminary technical due diligence report from Tractebel Engineering, which reinforces our confidence in continuing the acquisition process for this small-hydro project. This is an important step towards completing our first acquisition; and we will continue to provide updates with respect to our receipt of pre-closing due diligence information,” Pan Global management stated in the news release.
Pan Global will acquire RYEL over several tranches through a series of closings. In each closing, Pan Global will receive portions of the equity of RYEL until it has reached 100 percent ownership.
For more information visit www.panglobalcorp.com
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