KUALA LUMPUR: Kumpulan Powernet Bhd has received a US$48mil (RM208.08mil) contract from Ghaurishankar Power Development Pvt Ltd to construct a 22.9MW mini hydropower plant in Solukhumbhu, Nepal.
With the latest award, the company has achieved its internal order book target of RM1bil for 2020.
“We are pleased to be awarded this project with Ghaurishankar Power Development as it symbolizes a new milestone for our company as we are officially setting a foothold in Nepal for the first time," managing director Mustakim Mat Nun said in a statement today.
"This is as a result from our management team’s collaboration with a renowned European turbine manufacturer in seeking new opportunities for the development of hydro power plant in Nepal for the past 2 years," he added.
The scope of work under the Ghaurishankar Power project includes engineering, construction, supervision, testing, commission, reliability test, remedy of defect during the defect liability period and provision of all equipment, both permanent works and temporary works.
Under the terms of the contract, Kumpulan Powernet is to complete the works within 36 months from the commencement date or by May 12, 2023, whichever is earlier.
The group expects the award to contribute positive to the net assets, consolidated earnings and earnings per share for the financial years ending June 30, 2021, to June 30, 2023.
At 4.15pm, Kumpulan Powernet's share price fell 1 sen RM1.88 after hitting an intra-day high of RM2.18.
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