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.