PESTECH (Cambodia) Plc. (PCL) enters into a Memorandum of Understanding (MOU) with Attwood Investment Group Co. Ltd. (AIG) in relation to a collaboration on the development of two feasibility studies pertaining to the construction or ownership and operation of clean energy or solar-based assets in Cambodia specifically in:
- Pailin Province where solar assets would be used to provide electricity to M.S.P Development Company Ltd (MSP) on a wholesale basis for on-sale to retail customers; and
- Rooftop solar within the Steung Hav Special Economic Zone (SEZ).
MSP owns a power distribution license issued by the Electricity Authority of Cambodia, giving it the rights to supply electricity to an estimated 15,000 residential and commercial consumers in Salakroa District and Krong Pailin in Pailin Province. Whereas, Steung Hav SEZ is a greenfield industrial zone currently being developed by AIG, which has a total development area of about 200 hectares.
PCL, a public company incorporated in the Kingdom of Cambodia and listed in the Cambodia Securities Exchange, is a subsidiary company of PESTECH. It mainly engaged in the business of construction of electrical substations and transmission lines.
AIG, a private company incorporated in the Kingdom of Cambodia, is engaged in diversified business such as property development and management, industrial real estate, trading and consumer goods, power distribution, financial services, and investment.
Under the MoU, the Parties shall cooperate jointly to complete the Feasibility Studies and formulate a license and approval strategy and embed the requirements of clean energy generation. The objective of the Feasibility Studies is to offer both competitively priced clean and conventional energy mixes to customers while providing potential investors a market-based risk-adjusted financial return.
The MoU between the Parties will allow PCL to contribute and strengthen its expertise in renewable energy while being committed to sustainable development.
The MoU will come into effect on the date of signing of the MoU and will remain in effect for 8 months from the effective date. The Parties may mutually agree in writing to extend the term of this MoU.
