via CAAI News media
Thursday, January 21, 2010
LEADER Universal Holdings Bhd's unit, Cambodian Transmission Ltd, today entered into a 25-year build-operate-transfer power transmission agreement with Electricite Du Cambodge (EDC) to develop a 230 kilovolt power transmission system from Phnom Penh to Kampong Cham for US$107 million.
EDC is Cambodia's state-owned limited liability firm.
In a filing to Bursa Malaysia, Leader said the project would be funded by internally generated funds and bank borrowings.
The project would be commissioned in three stages with the first being the construction of the Kampong Cham substation which was expected to be completed by July 2011.
The second would be the new North Phnom Penh substation and this was expected to be completed by March 2012.
"The completion of the entire project with the commissioning of the approximately 110km transmission line from North Phnom Penh substation to Kampong Cham substation, from whence the commercial operation date of the project commences.
"This is expected by Dec 31, 2013," Leader said.
The project fulfils part of the planned development of the Cambodian grid system and provides for future 230 kV extension to other parts of the country around Tonle Sap, the largest freshwater lake in South East Asia, in Siem Reap, Cambodia.
Currently, Leader through its 60 per cent-owned subsidiary in Cambodia, Cambodia Utilities Pte Ltd, owns and operates a 35-megawatt power generation plant in Phnom Penh and supplies electricity to EDC under a 18-year power purchase agreement.
This power plant has been in operation since 1997.
Leader is also developing a 100-megawatt coal-fired power plant project in Sihanoukville through its 80 per cent-owned subsidiary, Cambodian Energy Limited. Electricity generated will be supplied to EDC under a 30-year power purchase agreement.