PETALING JAYA: Kumpulan Powernet Bhd (KPower) has accepted the letter of award for a second hydropower project in Nepal.
In a statement, KPower said its wholly-owned subsidiary KPower International (L) Ltd was awarded the engineering, procurement, construction, commissioning work worth RM192.7mil to complete the 22 megawatt Mid Hongu Khola-A hydropower project by Apex Makalu Hydro Power Pvt Ltd.
KPower managing director Mustakim Mat Nun said the project would further consolidate the group’s foothold in Nepal and establish its presence in the areas where opportunities are in abundance.
“This project will also give us the earnings visibility for the next three years as it will contribute positively to the net assets, consolidated earnings and earnings per share of the company for the financial years ending June 30,2021, to 2023, ” he said.
“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, ” he added.
The target completion for the project shall be within 36 months from the commencement date or not later than Aug 31,2023.
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