Construction of the plant is anticipated to be completed within the next 45-60 days, barring any adverse weather conditions or other unforeseen circumstances.
The company is in the process of acquiring 100% of the small-hydro plant through its staggered acquisition of Regency Yamuna Energy (RYEL), the privately held Indian corporation commissioning the plant. The company recently announced that it has closed on the third tranche of the acquisition and currently holds a 7.51% equity interest in RYEL.
Company management stated, "We are pleased the final construction phase is on track for the last 5% of the project as the plant moves closer to being connected to the power grid. We plan to continue to increase our equity interest in RYEL under our acquisition agreement with RYEL."
As previously disclosed, the company, through its wholly-owned subsidiary, Pan Asia Infratech entered into a definitive stock purchase agreement on 28 October, 2013 to acquire 100% of the outstanding shares and convertible debt (if not previously converted) of RYEL which is commissioning the small-hydro plant.
