Panasian Power PLC

ICRA Lanka Withdraws Rating of Panasian Power PLC

InstrumentRated Amount
(LKR Mn)
Outstanding Amount
(LKR Mn)
Rating Action
Issuer RatingNANA[SL]A- (Stable); Withdrawn

Rating action

ICRA Lanka Limited reaffirmed the Issuer rating of [SL]A- with Stable outlook assigned to Panasian Power PLC (“PAP”/ “the Company”) and has withdrawn. The withdrawal is at the request of the Company and in accordance with ICRA Lanka’s Withdrawal and Suspension Policy.  

Analytical approach: The withdrawal is based on ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating and the rating is based on ICRA Lanka’s issuer rating methodology, as indicated below.

Links to applicable criteria:

About the company:

Incorporated in 2002 as a Board of Investment (BOI) venture, Panasian Power PLC (PAP) constructs, operates and maintains MHPPs as well as rooftop and ground solar power plants. PAP operates three mini hydro power projects with an installed capacity of 8.9 MW along with a combination of rooftop and ground solar power plants, amounting to  power genenration capapcity of 7.25 MW. The Company fully owns the Rathganga MHPP and Manelwala MHPP whilst Padiyapellela MHPP is operated as 83% owned subsidiary. The Company also intends to expand its MHPP portfolio with the addition of Padiyapellela Phase II (2.4MW) and the proposed Medakumbura MHPP (2.5 MW). Moreover, PAP has commissioned rooftop solar power plants through wholly owned subsidiary Panasian Investments (Pvt) Ltd, with installed capacity of 6.0 MW (of which 2.0 MWp capacity is under JV levels) and another on the ground solar power plant with total installed capacity of 1.25 MW. Moreover,  PAP has a pipeline of ~12 MW of ground and rooftop solar projects which are expected to be commissioned during FY2021/22. With these power plants, the Company has 4 subsidiaries, 4 sub-subsidiaries and 2 JVs. By the end FY2020 PAP’s total installed power generation capacity stood at 14.9 MW with an estimated energy potential of 44.5 GWh. The Company’s diversification aims to achieve installed power genenration  capacity of ~30 MW by FY2022.

Danushka Perera
Head of Corporate Sector Ratings


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