PHNOM PENH, March 25 (Xinhua) -- Cambodia's K.K. (Koh Kong) Power firm and Thailand's Ratchaburi Electricity Generating Holding Plc on Sunday signed a joint-venture agreement to develop a 1,800 megawatt coal-generated electricity factory in Koh Kong province, some 271 kilometers Southwest of Phnom Penh.
The agreement was inked here between Cambodian tycoon and Senator Ly Yong Phat, president of K.K. Power, and Noppol Milinthanggoon, Chief Executive Officer of Ratchaburi Electricity Generating Holding Plc, and witnessed by Cambodia's Minister of Industry, Mines and Energy Suy Sem.
The two firms held 50 percent stake each, Ly Yong Phat said after the signing ceremony without disclosing the investment amount the two firms put in the joint-venture.
"The development of the plant is to meet increasing power demand in Cambodia," he said. "The electricity will be sold to both Cambodia and Thailand."
Noppol Milinthanggoon said that taking partnership with K.K. Power firm would help support Cambodian government's policy in developing and enhancing the national power reliability leading to economic and social advancement.
"I am certainly confident that through efforts and commitment of the two companies, we will be able to continue and achieve our business objectives," he said. "As a neighboring country, we are proud to be a representative of Thai private energy sector to pursue the success of mutual cooperation in the future."
Ratchaburi Electricity Generating Holding Plc is a leading Thai electricity firm and was listed in the Stock Exchange of Thailand in 2000, he said.
Speaking at the signing ceremony, Suy Sem said the two companies' cooperation would be very important to develop Cambodia's electricity sector, which is one of a key elements for economic and social development.
"More electricity supply will bring reasonable prices for consumers and it will build more confidence among investors," he said.
Electricity shortage is one of the main obstacles for Cambodia in attracting foreign investors. Currently, China is leading in the investments in building electricity power plants in this Southeast Asian nation.
In last December, the Sinohydro Corporation has begun operations of a 193 megawatt Kamchay hydroelectric dam in Southwest Phnom Penh.
And other four China-invested hydroelectric dams with a total capacity of 722 megawatts have been constructing and all are expected to complete by 2015.
The agreement was inked here between Cambodian tycoon and Senator Ly Yong Phat, president of K.K. Power, and Noppol Milinthanggoon, Chief Executive Officer of Ratchaburi Electricity Generating Holding Plc, and witnessed by Cambodia's Minister of Industry, Mines and Energy Suy Sem.
The two firms held 50 percent stake each, Ly Yong Phat said after the signing ceremony without disclosing the investment amount the two firms put in the joint-venture.
"The development of the plant is to meet increasing power demand in Cambodia," he said. "The electricity will be sold to both Cambodia and Thailand."
Noppol Milinthanggoon said that taking partnership with K.K. Power firm would help support Cambodian government's policy in developing and enhancing the national power reliability leading to economic and social advancement.
"I am certainly confident that through efforts and commitment of the two companies, we will be able to continue and achieve our business objectives," he said. "As a neighboring country, we are proud to be a representative of Thai private energy sector to pursue the success of mutual cooperation in the future."
Ratchaburi Electricity Generating Holding Plc is a leading Thai electricity firm and was listed in the Stock Exchange of Thailand in 2000, he said.
Speaking at the signing ceremony, Suy Sem said the two companies' cooperation would be very important to develop Cambodia's electricity sector, which is one of a key elements for economic and social development.
"More electricity supply will bring reasonable prices for consumers and it will build more confidence among investors," he said.
Electricity shortage is one of the main obstacles for Cambodia in attracting foreign investors. Currently, China is leading in the investments in building electricity power plants in this Southeast Asian nation.
In last December, the Sinohydro Corporation has begun operations of a 193 megawatt Kamchay hydroelectric dam in Southwest Phnom Penh.
And other four China-invested hydroelectric dams with a total capacity of 722 megawatts have been constructing and all are expected to complete by 2015.
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