Today, Pan Global
reported in a news release that it had received and accepted the final
engineering due diligence report for another small-hydro plant it has been
looking at in northern India. The company has identified the 9.5 MW small-hydro
plant as a second prospective acquisition target, in its ongoing bid to engage
in sustainable energy projects in India. The due diligence report for the new
acquisition prospect was prepared by the global engineering consultancy
company, Tractebel Engineering Pvt. Ltd.
Pan Global has been
making steady progress in its staggered acquisition of another small-hydro
plant in northern India from Regency Yamuna Energy Limited, a privately held
Indian company. The acquisition of this first 5.7 MW small-hydro plant is
scheduled to be completed within the coming months.
Pan Global’s
management said, “We are encouraged by Tractebel’s engineering due diligence
report and look forward to continuing with our legal and accounting review and
investigation. We remain committed to our strategy of investing in sustainable
energy projects as a key part of our objective of building long-term
shareholder value.”
Recently, the Indian
government’s Ministry of New and Renewable Energy signified its commitment to
sustainable energy production. A recent online post by the ministry stated: “An
estimated potential of about 15,000 MW of small-hydro power projects exists in
India.” Pan Global sees small-hydro plants as being one of the keys to energy
production in emerging markets such as India.
The company is
committed to invest in green energy technology and infrastructure to build an
inclusive green economy around the world.
For more
information, visit: www.panglobalcorp.com
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