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NEWS UPDATES 29 June 2009

Malaysian power firm to invest $150m in new Cambodian plant

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Malaysia’s Leader Universal Holdings Bhd will invest in a new power plant worth $150mil to US$160mil in Sihanoukville, Cambodia, which is expected to commence operations in 2012, a local online news website reported.

The StarBiz online quoted Sean H’ng Chun Hsiang, group managing director and chief executive officer, as saying that the power-purchase agreement for the 100MW coal-fired power plant, which would replace the earlier agreement executed for the 200MW project, would be inked soon.

“We are also in talks with banks now and expect to finalise the financing for the project before the end of this year. We hope to start construction work on the plant soon,” he told StarBiz.

In February 2007, the group announced its winning bid to develop a 200MW coal-fired power plant in Sihanoukville with a local Cambodian partner on a 50:50 joint venture.

However, on Feb 1, 2009, it announced that the Cambodian government had approved to split the 200MW plant into two projects of 100MW each, allowing each original shareholder to develop its own project.

On June 11, Leader said it had formed a joint venture with Cambodian International Investment Development Group Co Ltd to develop the plant.

Leader owns 80 percent of the joint-venture company, which is also planning to develop another 700MW coal-fired power plant in Sihanoukville.

“This project will be progressively developed after the completion of the 100MW plant in 2012.

“The 700MW plant will be carried out in various phases, with each phase having the capacity to generate 100MW-200MW of power supply, to gradually meet the energy needs of Cambodia,” H’ng added.

Presently, the capacity of the power plants in Cambodia was around 410MW, compared with the forecast demand of 808MW by Electricite du Cambodge (the local state-owned power company), H’ng said.

“The demand is expected to increase to 1,915MW in 2015, eventually hitting 3,867MW in 2020.


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