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Pestech buys solar farm project in Cambodia

Pestech buys solar farm project in Cambodia

16 Jan 2020

Pestech International Bhd is expanding its power generation business in Cambodia with the proposed acquisition of a solar farm project.

The company, in a filing with Bursa Malaysia, said a subsidiary Astoria Solar Farm Sdn Bhd (ASF) has agreed to acquire a 94% stake in Green Sustainable Ventures (Cambodia) Co Ltd (GSV) from two individuals for US$4mil (RM16.3mil).

The proposed acquisition, Pestech said would give the company the “super-majoriy rights” over the development of a 20-year concession of a 20MW large-scale solar farm project in Bavet City, Cambodia.

The project developer, GSV has obtained a long-term power purchase agreement (PPA) with Electricité du Cambodge (EDC) under the built own and operate model with a power purchase price of US$0.076 per kWh.“Upon the proposed acquisition of 94% in GSV, GSV shall be the developer and undertake the project management of all EPC functions, ” Pestech said.

“ASF, being the super majority shareholder in GSV, may determine the appointment of EPC and operations and maintenance (O&M) company to undertake the EPC scope for the entire Project and O&M for the duration of
the PPA.

Pestech expects the proposed acquisition to contribute to the profitability of the group throughout the duration of the PPA.

Souce: The Star

Posted on : 16 January 2020
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