Panasian Power PLC together with SUNGROW Power Supply & Co. being the Exclusive channel partner for SUNGROW Inverters proudly presented Sri Lanka Business Meet and Technical Seminar on 29th November 2023 at Taj Samudra Colombo.
We were honored to have Prof. Asanka Rodrigo ( Professor Electrical Engineering at Moratuwa University’s and Former Director General at Sri Lanka Sustainable Energy Authority) as the esteemed chief guest, along with SUNGROW team and all the loyal customers of PAP.
And our sincere gratitude to all participants for making Sri Lanka Business meet and technical seminar truly successful and memorable!
Panasian Power PLC together with SUNGROW Power Supply & Co. being the Exclusive channel partner for SUNGROW Inverters proudly presented Sri Lanka Business Meet and Technical Seminar on 29th November 2023 at Taj Samudra Colombo.
We were honored to have Prof. Asanka Rodrigo ( Professor Electrical Engineering at Moratuwa University’s and Former Director General at Sri Lanka Sustainable Energy Authority) as the esteemed chief guest, along with SUNGROW team and all the loyal customers of PAP.
And our sincere gratitude to all participants for making Sri Lanka Business meet and technical seminar truly successful and memorable!
Panasian Power PLC, the leading Power and Energy company, emerged as the Gold Award Winner for the Power and Energy sector at the recently held prestigious TAGS Awards 2023 in corporate reporting, organized by Chartered Accountants of Sri Lanka (CA Sri Lanka) .
PAP’s 22/23 Annual Report was themed “Powering Sustainable Future” and featured a range of new non- financial initiatives towards sustainability.
TAGS Awards are the search to honour organisations delivering excellence in corporate reporting that promote the fundamental pillars of transparency, accountability, governance, and sustainability.
This recognition is a testament to the dedication, hard work, and innovation exhibited by the entire Panasian Power PLC team. We extend our heartfelt gratitude to our employees, stakeholders, and partners for their unwavering support, which has played a pivotal role in our success.
PAP is proudly announced that four (04) of our fully owned subsidiaries have been awarded 5MW x 6nos (Total 30MW) Ground Mounted Solar PV projects in 6 GSS in the Island. Ceylon Electricity Board (CEB) floated Tender No. TR/REP&PM/ICB/2022/001/C – Establishment of 70 MW, AC ground mounted Solar PV power plants in (1-5) MW, AC capacity on build, own and operate basis with 20 years operation period in March 2023 where PAP submitted six proposals and all 6 proposals have been awarded by Ministry of Power and Energy where PAP being lowest successful bidder for attractive tariff on 10th Nov at Ministry of Power.
We are planning to connect these projects to national grid at the end of next financial year as per agreed timelines and we hope these projects greatly contribute achieving national renewable energy targets while contributing our environment to replace fossil fuel-based power.
PAP team is delighted with this great success which is a remarkable achievement in the company history where these projects will double our capacity and top line in 2025.
In recognition of excellence in Business, Panasian Power PLC (PAP) won the merit (bronze) award under Infrastructure & Utilities Sector category at a National Business Excellence Awards (NBEA 2023) ceremony organized by The National Chamber of commerce of Sri Lanka. PAP has had a presence at these awards in past years, having won two times including being runner up (2019) and merit award (2021) in this category.
Panasian Power PLC successfully attained ISO 45001:2018 (Occupational health and safety standard) and ISO 14001:2015 (Environmental Management standard) for the built, Installation, Commissioning, Operation and maintenance of Solar Power Projects and Operation and maintenance of Mini Hydro Projects on 12th May 2022.
Panasian Power PLC announced that Mr. L.H.A. Lakshman Silva as the new chairman of the company with effect from 28th June 2022.
Mr. Lakshman Silva is an industry veteran who with his extensive background and expertise in the financial service and banking industry of over 36 years. He started the professional career with the Department of Inland Revenue of Sri Lanka and joined the DFCC Banking Group in 1987. He was seconded to the service of DFCC Vardhana Bank in 2003 and functioned as the Chief Operating Officer until appointment as the Chief Executive Officer/Executive Director in January 2010. He held the position of Deputy Chief Executive Officer/Director of DFCC Bank PLC from October 2015 and appointed as the Chief Executive Officer/Director in August 2017.
Until retirement in December 2021, he held the position of Chairman of DFCC Consulting (Pvt) Limited, Lanka Industrial Estates Limited and Synapsys Limited, subsidiary companies of DFCC Bank PLC, and the Chairman of Lanka Financial Services Bureau Limited as well as Sri Lanka Banks’ Association (Guarantee) Limited. Also he held the position of Chairman of Acuity Partners (Pvt) Limited, the joint venture company of DFCC Bank PLC. In addition he was a Director of Lanka Ventures Limited, LVL Energy Fund PLC and LankaClear (Pvt) Ltd.
Panasian Power PLC was awarded with a Bronze Award at the National Business Excellence Awards 2021, under the Utility Sector at the NBEA ceremony organized by the National chamber of Commerce Sri Lanka on 22nd March 2022.
Panasian Power PLC (PAP), a dynamic Sri Lankan renewable energy solutions organisation and a leading supplier of renewable energy to the national grid recently commissioned a 3 MW ground solar plant in Matara, worth a total investment of LKR 420 million.
Panasian Power is the equity investor and led all aspects of the construction including in-house engineering, design, site acquisition, acquiring permissions, simulation and procurement. Panasian Power also took the lead in securing power purchase agreements (PPA) for the project.
Panasian Power PLC (CSE: PAP.N) one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs 248 million for the financial year ending March 31st, 2021, signifying a growth of 63% compared to the financial year in 2019/20. The Group saw a revenue increase of 62% in the final quarter of the year 2020/21 when compared with the corresponding quarter in FY 19/20. Net profit margin also grew year on year by 7%.
Key highlights for the year that paved Panasian Power’s path to a successful financial year were the commissioning of a total of 6.75MWp of solar projects across the country amidst difficult operating conditions given the global Covid crisis. This included a 3MWp ground solar project in Matara, and 3.75MWp of rooftop solar projects, along with the completion of pre-development for 2MWp of ground solar projects.
Panasian Power PLC has signed the agreement on 09th March 2018 as a consultant for 1MW Solar Power Plant in Beliattha.
Panasian Investments (Pvt) Ltd has signed the agreement on 10th November 2017 as a JV partner for 400Kw Rooftop Solar Power Project at Jinadasa Brothers Building in Boralesgamuwa.
Panasian Investments (Pvt) Ltd has signed the agreement on 15th November 2017 and incorporated PAP Solar One (Pvt) Ltd to invest and develop on 800Kw Rooftop Solar Power Project at Bernard
Botejue Industries Office Complex and Factory
With this acquisition Panasian will commence construction of two mini hydropower plants (MHP) in the Nuwara Eliya district in early 2018 with an estimated investment of Rs.400 million.
Upon completion, these MHPs are expected to yield a combined output of 7.53 GWh per annum.
“This latest acquisition is in keeping with our long term goal of increasing our renewable energy footprint to meet the local demand for clean, low cost energy.
Furthermore, our decade long experience in the mini hydropower sector makes us ideally suited to ensure that the project runs efficiently with the highest energy output,” said Pathmanatha Podiwala, General Manager of Panasian Power.
“Renewable energy projects like this will help propel Sri Lanka towards a sustainable energy future that will yield benefits throughout our economy and increase the quality of life.”
He went on to add that due to the convenient accessibility, short length of structures and minimal environmental impact, construction of the project is not expected to exceed 12 months.
The Lower Kotmale Oya Power Two(Pvt) Ltd was formed as a special purpose vehicle company to develop two cascade projects, the Lower Kotmale Oya II MHP and Medakumbura MHP, utilizing water resources from Kotmale Oya in the Pundaluoya township, Nuwara Eliya district.
Panasian Power, which was incorporated in 1982, owns and operates mini hydropower plants and supplies electricity directly to the Ceylon Electricity Board in accordance with the Small Power Purchase Agreement (SPPA) entered into on 5th July 2004 and spans for 15 years with a further extension of 5 years.
Panasian Power PLC made several investments aimed at developing infrastructure and creating opportunities for communities in Sri Lanka during the year in review commencing with the repair of badly damaged village access road in the Rathurugala area of the Ratnapura District.
Additionally, the Company made a generous donation to the Ratnapura Divisional Secretariat during the last year in order to fund an overseas trip for children from the local Sunday School in order to enable these children to experience their first time in a foreign land thereby empowering them with the motivation and drive to succeed in their own educational careers.
Panasian Power PLC announced that Mr. Senthilverl Senthia Nandhanan appointed as Non-Executive Director of the company with effect from June 05, 2017. He possess 18 years of corporate management experience actively manages a leading group of company as CEO.
Panasian Power PLC reported group and company earnings results for the fourth quarter and full year ended March 31, 2017. For the quarter, the group reported revenue of LKR 58,868,759, operating profit of LKR 32,926,472, profit before taxation of LKR 9,280,873, profit of LKR 9,280,873, profit attributable to owners of the parent was LKR 6,997,480 or LKR 0.02 per share against revenue of LKR 58,256,664, operating profit of LKR 36,301,454, profit before taxation of LKR 23,401,919, profit of LKR 17,181,367, profit attributable to owners of the parent was LKR 17,398,788 or LKR 0.03 per share a year ago. For the quarter, the company reported revenue of LKR 3,707,838, operating loss of LKR 7,661,642, loss before taxation of LKR 31,005,743, loss of LKR 31,005,743, loss attributable to owners of the parent was LKR 31,304,891 or LKR 0.06 per share against revenue of LKR 21,703,216, operating profit of LKR 10,802,520, loss before taxation of LKR 2,633,010, loss of LKR 5,615,300, loss attributable to owners of the parent was LKR 5,728,439 or LKR 0.01 per share a year ago. For the year, the group reported revenue of LKR 204,567,314, operating profit of LKR 117,048,649, profit before taxation of LKR 38,494,664, profit of LKR 34,662,510, profit attributable to owners of the parent was LKR 33,053,378 or LKR 0.07 per share against revenue of LKR 287,187,421, operating profit of LKR 200,167,063, profit before taxation of LKR 150,127,381, profit of LKR 134,907,185, profit attributable to owners of the parent was LKR 135,406,296 or LKR 0.27 per share a year ago. Net cash flow from operating activities was LKR 45,988,977 against LKR 174,248,533 a year ago. Purchase of property, plant and equipment was LKR 202,875,743 against LKR 15,519,011 a year ago. For the year, the company reported revenue of LKR 125,395,386, operating profit of LKR 80,433,890, profit before taxation of LKR 661,163, loss of LKR 1,860,338, loss attributable to owners of the parent was LKR 2,159,486 or LKR 0.00 per share against revenue of LKR 166,548,590, operating profit of LKR 149,064,322, profit before taxation of LKR 97,441,985, profit of LKR 93,691,485, profit attributable to owners of the parent was LKR 93,804,624 or LKR 0.19 per share a year ago. Net cash flow used in operating activities of LKR 32,152,736 against net cash flow from operating activities of LKR 47,719,889 a year ago. Purchase of property, plant and equipment was LKR 2,350,157 against LKR 6,304,160 a year ago.
Panasian Power PLC announced that Dr. Pratap Ramanujan has relinquished his duties as CEO with effect from March 31, 2017 and will continue in office as the Non Executive Chairman. Mr. Siddi Mohamed Farook, non executive director has been appointed as managing director with effect from April 1, 2017. Mr. Thirunavukarasu Someswaran, independent non executive director has resigned from the board with effect from March 29, 2017.
