K. Powernet secures RM175mil hydropower plant project

Group managing director Mustakim Mat Nun said he project is expected to contribute positively to Kumpulan Powernet’s net assets, consolidated earnings and earnings per share for the financial year ending June 30,2021 and 2022.

PETALING JAYA: Kumpulan Powernet Bhd has secured a US$40.7mil (RM174.5mil) contract from Zhenghong Building Road & Bridge Construction Co Ltd for the civil works of two hydropower energy plants in Laos.

The group said its wholly-owned subsidiary KPower International (L) Ltd has accepted a letter of award from Zhenghong for the civil works related to the development of 3x5MW Taep 1 and 3x5MW Nam Taep 2 hydropower energy generating facilities in the Xam Tai district of the Houaphan Province.

The project is targeted to be completed in 24 months.

“Zhenghong and KPower International shall enter into a definitive agreement within 60 business days from the date of the award or such other extended period as determined by Zhenghong, ” Kumpulan Powernet told the stock exchange yesterday.

According to its group managing director Mustakim Mat Nun, (pic) the project is expected to contribute positively to Kumpulan Powernet’s net assets, consolidated earnings and earnings per share for the financial year ending June 30,2021 and 2022.

“With the new financial year just a few days away, we are working hard to fulfil our target of RM2bil order book for the financial year ending June 30, ” he said.