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.
For more information on Pan Global, please visit: www.panglobalcorp.com
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