Malaysian firm to invest US$20million in Bavet solar power plant

• 21 January 2020
• Local News
• 3623 Views

Astoria Solar Farm Sdn Bhd (ASF), a subsidiary of leading Malaysian integrated electrical power technology company Pestech, has recently announced its plan to invest US$20 million in a solar farm project in Bavet city, Svay Rieng province, after acquiring a stake from a local Cambodian company.

According to a press release from the firm, ASF has acquired a 94% stake in Green Sustainable Ventures (Cambodia) Co Ltd for US$4 million, which provides ASF the full legal right to develop the project under a 20-year concession.

The agreement also includes an additional one-year period of construction for a 20MW large-scale solar power plant in Bavet city, Svay Rieng province, according to The Edge Markets.

The same source also reported that the estimated investment for this solar farm is approximately US$20 million, and that the project is expected to start operations by October this year.

Through acquiring the agreement with the local firm, ASF will also be eligible for a long-term power purchase agreement with Eletricite du Cambodge under the build-own-operate model with a power purchase price of 7.6 cents per kWh.

Founded in 1991, PESTECH is one of the Malaysian leading power firms, which provides four core services, including power transmission infrastructure, power generation and rail electrification, transmission assets, as well as power products and embedded system software. The firm currently has market shares in 22 countries.

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