Kejuruteraan Asastera Bhd (KAB) , a Malaysian mechanical engineering company. Signed an agreement with Janakuasa Pte., Ltd. to enter the renewable energy market in Vietnam through its subsidiary KAB Energy Power Sdn.Bhd. The statement stated that the two parties will obtain a majority stake in the three hydropower projects through a special tool between KAB Energy Power and Janakuasa.
KAB Energy Power and Janakuasa Pte Ltd will set up a special purpose company. That will acquire a majority stake in the country’s three hydropower stations with a total installed capacity of 180 MW. These projects have signed a valid power purchase agreement with the Vietnam Power Company. The validity period is from January 2030 to 2039, and commercial activities start from 2015 to 2019.
The agreement shows that KAB is committed to developing its green energy solutions business and expanding its influence in Asia. We are proud to incur establishment of a synergistic partnership with Janakuasa because we can use their expertise.” said Datuk Lai Keng Onn, managing director of KAB, In the same statement. Janakuas President Ti Chee Liang stated: Vietnam is the most promising rising star in ASEAN’s economic growth and population growth. The energy demand is growing exponentially.
Datuk Lai Keng Onn added that given the prospects for economic growth and population growth. Vietnam’s energy demand has grown exponentially. Making it an attractive destination for investment and development of various renewable resources in Southeast Asia. Efforts to expand its renewable energy portfolio in Vietnam. And help the Vietnamese government achieve its renewable energy goals as soon as possible. He said that both KAB Energy Power and Janakuasa will actively seek to expand their renewable energy portfolio in Vietnam. And help the Vietnamese government achieve its renewable energy goals as soon as possible.
Janakuasa is an experienced private energy investor. Has headquartered in Malaysia and Singapore, and a leading investor in the thermal and renewable energy sectors in Vietnam. Janakuasa has been developing Ecotech wind farm projects since 2015. There are also 300 MW wind power and 200 MW small wind power. Vietnam is building and developing hydropower stations. Janakuasa and its partners have teamed up to build two power plants in Vietnam. Including the 1,200 MW Duyen Hai 2 coal-fired power plant in Tra and the 78 MW Hip Thanh wind farm.
The rapid growth of Vietnam’s economy and population has promoted the demand for new energys sources. The country’s strong wind and solar resources make it an attractive destination for investment in various renewable energy sources in Southeast Asia. Vietnam has set important targets for renewable energy. Increase dependence on renewable energy from 0.5% in 2016 to 25% by 2030.
After the successful cooperation, KAB Energy Power and Janakuasa will actively seek to expand their renewable energy portfolio in Vietnam. And help the Vietnamese government achieve its renewable energy goals in the shortest possible time while contributing to the country’s GDP growth.