Thai Firm Invests in 30MW Solar Project in Banteay Meanchey

• Proeksa Meas
• 4 December 2019
• Uncategorized
• 3782 Views

Ministry of Mines and Energy is checking the legal procedure on a share purchase agreement of a 30 MW solar project in Banteay Meanchey province.

The checking has been made after Thai firm B.Grimm entered into a share purchase agreement to acquire all shares in Ray Power Supply Co., Ltd, with the total share value of US$300,000, according to PV Tech website.

Under the agreement, the B. Grimm will install the ground-mount system covering 40 hectares of land in Banteay Meanchey Province.

The deal provides B. Grimm with the right to develop the photovoltaic project pursuant to a 20-year power purchase agreement with national utility Electricite Du Cambodge.

The project is scheduled for completion by October 2020 and the whole project is scheduled to generate power in 2021.

The share purchase agreement is required for approval by the Ministry of Mines and Energy and relevant authorities of Cambodia.

Victor Jona, director general of Energy and spokesman at Ministry of Mine and Energy, said that the ministry has received the share transfer document and now starts the legal procedure checking on the share transfer.

“The share purchase agreement has been made successful already on the technical basic, but for legal procedure, it is needed to approval from the authorities,” Mr Jona said.

According to Mr Jona, the share purchase agreement of investment projects are not harm to the overall those projects and there have been similar cases so far.

Currently, the existing two solar projects generate 90MW to the grid and the government sets at least 410MW with recently-approved 7 solar projects will be generated cumulatively by 2020.

• Projects Development