The Company is in the process of acquiring 100% of the small-hydro plant through its staggered acquisition of Regency Yamuna Energy Limited ("RYEL"), the privately held Indian corporation commissioning the plant.
The Company recently announced that it has closed on the first tranche of the acquisition and currently holds a 3.4% equity interest in RYEL. Construction of the plant is anticipated to be completed within the next 90 days, barring any adverse weather conditions.
Company management stated, "We are pleased that construction of the last 5% of the project is moving forward. We look forward to increasing our equity interest in RYEL under our acquisition agreement with RYEL in order to provide them with the needed capital to complete the plant’s construction so the plant can begin generating revenue."
As previously disclosed, the Company, through its wholly-owned subsidiary, Pan Asia Infratech Corp., entered into a definitive Stock Purchase Agreement ("Acquisition Agreement") on October 28, 2013 to acquire 100% of the outstanding shares and convertible debt (if not previously converted) of RYEL which is commissioning the small-hydro plant.
