Tokyo, Chubu electric powers tap power distribution in Cambodia
BANGKOK, NNA - Tepco Power Grid Inc. and Chubu Electric Power Co., Japanese utilities, are tapping power distribution in Cambodia as the country is falling short of power supply due to growing electricity demand in line with high economic growth.
Greenway Grid Global Pte. Ltd., the Singapore joint venture between the two Japanese firms and ICMG Co., a Japanese consulting firm, has bought an 80 percent stake in Sun Eee Pte. Ltd., a Singapore-based firm undertaking power distribution service in Cambodia, according to Greenway’s statement released last Thursday.
The transaction valued at $2.4 million, and Sovarong Leang, the founding CEO of Sun Eee, established in 2011, retains a 20 percent share in the rural electricity enterprise. The two Japanese regional utilities share expertise in power grid operation, maintenance, and safety measures with Sun Eee, the statement said.
Last year, the Singapore-based partner supplied over 4 million kilowatt-hours to 11,239 households through an entire distribution line of some 123 kilometers in some areas of Kampong Cham and Prey Veng provinces, both adjacent to the country’s capital Phnom Penh, according to the statement.
The move – joining in ongoing power distribution projects in Southeast Asia – is a first for Japanese utility groups, Greenway said in the statement.
Greenway Grid Global was established in July last year to invest in power generation and distribution projects, mainly in Asia. The shareholding structure of the joint venture was not disclosed.
In January, it announced to invest $20 million in a micro power grid project in the Philippines.