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

  • Khmer New Year holidays postponed

    In an effort to halt Covid-19 infections in the Kingdom, Prime Minister Hun Sen has postponed the Khmer New Year holidays scheduled from April 13 to 16. While the people will not have their usual break, nor will there be any public celebrations or gatherings at pagodas,

  • No word on state of emergency

    The National Assembly (NA) said it will postpone all unnecessary meetings in line with guidance from the Ministry of Health and the World Health Organisation (WHO) amid the Covid-19 pandemic. However, it did not say when or how it will debate the “state of emergency”

  • State of emergency draft law set for NA

    A draft law aiming to place the Kingdom in a state of emergency amid the Covid-19 pandemic is set for a debate at the National Assembly (NA) after going through the Council of Ministers’ Standing Committee meeting led by Prime Minister Hun Sen on Tuesday.

  • NA, Senate set for bill on ‘emergency’

    Prime Minister Hun Sen has requested the Senate to convene an extraordinary meeting to review the draft law that aims to put the Kingdom in a state of emergency after the bill reached the National Assembly (NA) on Friday. The draft law, which was approved

  • Tourists can now prolong their stay

    The Ministry of Foreign Affairs and International Cooperation said tourists holding Visa T and arriving in the Kingdom after January 1 will be allowed to prolong their stay until they are able to return home. The decision comes as Cambodia and most countries take measures to

  • Hun Sen, ministers, officials donate salaries in virus fight

    Prime Minister Hun Sen and other senior government officials have decided to donate their salaries to the National Committee for Combating Covid-19 in support of the ongoing battle against the coronavirus. Hun Sen announced in an April 1 letter that because the Covid-19 situation in Cambodia