Environmentally sustainable energy, infrastructure, and technologies-focused company Pan Global Corp. recently announced it is making significant strides toward its acquisition of a small hydroelectric power plant in India.
Through Pan Asia Infratech Corp., its wholly owned subsidiary, the company entered into a non-binding letter of intent (LOI) on Sept. 10, 2013, pursuant to which Pan Global plans to acquire 100 percent of the outstanding equity of a privately held Indian corporation (the target) that is commissioning a 5.7 MW small-hydro project in northern India (the project). The project was estimated to be 95 percent complete at the time of execution of the LOI and has a planned commercial operation date during the fourth quarter of 2013.
Since the LOI was executed, Pan Global has engaged Tractabel Engineering to perform technical due diligence and has also engaged Ernst & Young India to perform financial due diligence. The company’s attorneys have been assigned to conduct legal due diligence on the target.
Thus far, site visits have been conducted, future earning models have been analyzed, and valuation studies are being commissioned. This is indicative of Pan Global’s commitment to generate revenue from green energy, which is one of its key target sectors. Additionally, the company is targeting a 9.5 MW small-hydro project as its next potential acquisition.
For more information about the LOI, see the company’s Form 8-K, which was filed with the SEC on Sept. 18, 2013 (www.sec.gov/Archives/edgar/data/1492617/000149315213001828/form8-k.htm). For more information about Pan Global, visit www.panglobalcorp.com.
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