KAB partners Janakuasa in Vietnam renewable energy venture

KUALA LUMPUR: Kejuruteraan Asastera Bhd's subsidiary KAB Energy Power Sdn Bhd has teamed up with Janakuasa Pte Ltd to explore Vietnam's renewable energy market.

It said in a statement that the parties will acquire majority stakes in three hydropower plant projects via a special purpose vehicle formed between KAB Energy Power and Janakuasa.

The projects have existing power purchase agreements with state-owned utility company Vietnam Electricity, expiring between 2030 and 2039, and have an aggregate installed capacity of 180MW of power.

The projects commenced commercial operations between 2015 and 2019.

“This agreement demonstrates KAB’s commitment to expand its green energy solutions division, as well as growing its footprint in the Asian region.

"We are proud to be given an opportunity to form a synergistic partnership with Janakuasa as we are able to leverage on their experience and know-hows," said KAB managing director Datuk Lai Keng Onn.

He added that demand for energy in Vietnam has increased exponentially given its promising economic growth and growing population, making it an attractive investment destination for the development of multiple renewable assets in Southeast Asia.

Both KAB Energy Power and Janakuasa will actively seek to further increase its renewable portfolio in Vietnam and support the Vietnamese government to meet its renewable energy targets in the shortest possible time, it said.

Janakuasa is a Malaysian-based private energy developer currently developing two power plants in Vietnam and with over 1,000 MW of thermal and green power projects under construction in the country.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Wall Street opens lower on rate-hike, recession fears
LTKM signs agreements to dispose of six subsidiaries for RM158.8mil
Microlink wins RM48.55mil contract from Koperasi Co-opbank Pertama
Favelle Favco’s subsidiaries receive contracts totalling RM130.8mil
Sapura Energy 2Q net loss narrows to RM2.59mil
Ringgit falls to new 24-year low as it touches 4.60 to US dollar
Paramount sells remaining education ops for RM120mil
Astro 2Q net profit rises 13% to RM98mil
CFM, Energy Absolute form JV to distribute EV products in Malaysia
Two directors of Pertama Digital resign

Others Also Read