Convalt Energy Studies into Solar Power Investment Opportunities in Laos
Create: 02/09/2017 15:35
At the signing ceremony in Vientiane on Aug 31, 2017
(KPL) Convalt Energy LLC has spent over 3.3 trillion kip (US$400 million) to conduct a feasibility study into the possibility of developing a large scaled solar power project in Bolikhamxay and Attapue provinces.
A memorandum of understanding (MOU) was signed on Aug 31 in Vientiane Capital between Deputy Minister of Planning and Investment, Mr Khamlien Pholsena and Chairman and Chief Executive Officer of ACO Investment Group and Convalt Energy, Mr Hari Achuthan in the presence of representatives from the Ministry of Energy and Mines, an provincial planning and investment departments of Bolikhamxay and Attapue.
Convalt Energy, the first U.S. based company to conduct such a study in Lao PDR, founded as a Delaware LLC in 2011 is a portfolio company of ACO Investment Group.
The solar power development project will involve the construction of a solar power plant on 150 ha in Namdeua village, Pak Kading district, Bolikhamxay Province and another one on 464 ha in Attapue province. Both will have a combine generation capacity of 300 megawatts.
The project is expected to created jobs for hundreds of local people.
The solar power project comes under the Convalt Energy LLC’s construction plan on renewable energy and is in line with the Lao PDR government’s energy policy. The project construction is expected to last approximately two years.
“Convalt Energy primarily focuses on developing, operating and maintaining energy generation, transmission and distribution assets. Convalt is gearing to become a global Independent Power Producer in Solar, Onshore and Offshore Wind, Hydro, Waste to Energy and Energy Storage technologies,” said Mr Hari.
“The firm combines global vision with local insight, relying on a top-flight team of operational professionals to deliver superior service, maintenance and management. In the short to mid-term, we are developing utility scale solar farms. In the mid to long term, we expect in addition to developing generation assets to focus on transmission and distribution projects, while we operate and maintain our projects via long term maintenance contracts,” said Mr Hari.
Convalt is currently developing a large utility scale solar farm in South East Asia and in the Americas including Myanmar (300MW), Egypt (50MW of Solar Power and 50MW of Wind Power), India (2,000MW of Solar Power and 600MW of Wind Power).
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