Logo of Phnom Penh Post newspaper Phnom Penh Post - Malaysian firm buys stake in energy company

Malaysian firm buys stake in energy company

Malaysian firm buys stake in energy company

Malaysian power infrastructure provider Pestech International Bhd has acquired a 94 per cent stake in Green Sustainable Ventures (Cambodia) Co Ltd (GSV), financial news publication The Edge Malaysia reported on Wednesday.

In a filing to Bursa Malaysia on Wednesday, the group said its unit Astoria Solar Farm Sdn Bhd (ASF) will purchase the stake from two individuals for $4 million, the report said.

It said GSV has procured a power purchase agreement (PPA) with Electricite du Cambodge (EdC) under the Build-Own-Operate model with a power purchase price of 7.6 US cents per kWh.

“Upon the proposed acquisition of the 94 per cent stake, GSV shall be the developer and undertake the project management of all engineering, procurement and construction functions,” it said.

Ministry of Mines and Energy spokesman Victor Jona told The Post on Thursday that the government gave GSV a 20-year concession to develop a 20MW AC large-scale solar farm project in Svay Rieng province’s Bavet town. “The project is planned to be linked to the national grid by early 2021.”

New York Stock Exchange-listed JinkoSolar Holding Co Ltd, which is the world’s largest solar panel manufacturer, said last week that its “Cheetah” line of new solar cells and modules will be installed at three of the Kingdom’s solar park projects.

Two of the projects are located in Pursat province’s Krakor district with capacities of 60MW and 30MW. The third, with a capacity of 60MW, is located in the central province of Kampong Chhnang.

Cambodia generates most of its energy from hydropower dams and coal-fired plants, accounting for around 48 per cent and 47 per cent of power production. Around 15 per cent is imported from neighbouring countries.

MOST VIEWED

  • Archaeologists find ancient remnant

    A team from the Apsara National Authority (ANA) has discovered a gatekeeper statue’s foot fragment at the Tonle Snguot Temple, within a metre of the toe of a statue found in 2017. ANA spokesman Long Kosal told The Post on Wednesday that the fragment was

  • Hun Sen to the rescue

    Cambodia has won praise for allowing passengers of the MS Westerdam cruise ship to dock at Preah Sihanouk port, thanks to Prime Minister Hun Sen’s humanitarian act. In a message via Twitter on Wednesday, the director-general of the World Health Organisation Tedros Adhanom Ghebreyesu

  • EU partially withdraws EBA

    The EU Commission on Wednesday announced the partial withdrawal of the Everything But Arms (EBA) scheme, citing a serious and systematic violation by Cambodia of principles in the four core human and labour rights. The suspension affects one-fifth or €1 billion ($1.08 billion) of Cambodia’s annual

  • Japan calls for policy changes

    Representatives of Japanese companies and investors on Wednesday submitted a list of policy recommendations to the government concerning 21 challenges to the Kingdom’s business climate. Japanese Ambassador to Cambodia Masahiro Mikami and leaders of the Japanese Business Association in Cambodia (JBAC), Japan International Cooperation Agency

  • Still no word about EBA but rice likely unaffected

    Officials on Monday said the government had not received an official statement regarding the EU’s potential withdrawal of Cambodia’s Everything But Arms (EBA) scheme. The EU launched the EBA withdrawal procedure on February 12, citing “a deterioration of democracy [and] respect for human rights”

  • Hate worse than virus, PM says

    Prime Minister Hun Sen on Tuesday criticised countries that have cancelled flights with China following the outbreak of the Novel Coronavirus (2019-nCoV), arguing that such moves amounted to discrimination against the Chinese. In a speech delivered during the groundbreaking ceremony for work on national roads 2