KPower bags RM192mil contract, its second hydropower job in Nepal

KUALA LUMPUR: Kumpulan Powernet Bhd has accepted the letter of award for a second hydropower project in Nepal.

The engineering, procurement, construction, commissioning (EPCC) work worth RM192.68mil to complete the 22 MW Mid Hongu Khola-A hydropower project was awarded by Apex Makalu Hydro Power Pvt. Ltd.

"The award is a good start to our new financial year 2021," Managing Director of Mustakim Mat Nun said in a statement today.

"This Project will further consolidates our foothold in Nepal and establishes our company’s presence in the areas where opportunities are in abundance," he added.

The latest contract win will also enhanced the group's earnings visibility for the next three years, with positive contribution to its net assets, consolidated earnings and earnings for the financial year ending June 30, 2021 to 2023.

“With this recent announced award, our order book will stand at roughly RM1.3bil and we are committed to lock in RM2bil of order book for the financial year ending June 30, 2021,” Mustakim said.

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