Cambodia Investment Review
Royal Group Power Company and Keppel Infrastructure Holdings have signed an exclusive and binding agreement to explore the joint development and operations of selected renewable energy projects in Cambodia. The projects will collectively have an installed capacity of about 2,500MW, to export up to 1,000MW to Singapore via submarine high-voltage transmission with KE as the buyer.
The signing of the Heads of Agreement was witnessed by H.E Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, of the Royal Government of Cambodia who highly represented Samdech Hun Sen, Prime Minister of Cambodia. Also joined and witnessed by H.E. Dr. Vivian Balakrishnan, Minister for Foreign Affairs, Singapore Governmen during the ASEAN Business and Investment Summit 2022.
Neak Okhna Kith Meng, the Chairman of RGP, said, “Our exclusive Agreement with Keppel to develop and export up to 1,000 MW of power from the Kingdom of Cambodia to the Republic of Singapore, along with developing the power transmission infrastructure to handle power export from Laos, represents ground-breaking cooperation between our two countries and our two companies.
“It is a milestone for ASEAN cooperation. Our business-to-business cooperation will contribute greatly to the implementation of the broader ASEAN Power Grid by increasing Electricity Connectivity within ASEAN by implementing key elements of the joint statement issued by the Ministry of Mines and Energy of Cambodia and the Ministry of Trade and Industry of Singapore during the 40th ASEAN Ministers on Energy Meeting on the 16th of September 2022,” he added.
The Agreement is part of KI’s strategy to source reliable and sustainable energy resources in support of cross-border power trade in ASEAN, including the potential of importing green power into Singapore.
Strategy to source reliable and sustainable energy resources
Ms. Cindy Lim, CEO of KI, said, “The agreements are an important step to accelerate the development of renewable energy resources to seize opportunities arising from the ASEAN Power Grid’s vision of multilateral electricity trading beyond international borders, including the potential importation of low-carbon electricity into Singapore.
“Through this, not only can ASEAN transit towards a greener energy mix more rapidly, but it will also bolster the energy resilience of Singapore and the region. Keppel Infrastructure is pleased to grow its partnership with Cambodia and looks forward to working closely with Royal Group Power to provide scalable sustainable energy solutions and related infrastructure, to cater to the region’s growing demand,” she added.
Royal Group Power Company Ltd. is a wholly-owned member of the Royal Group, established in 1991, one of the largest conglomerates in the Kingdom of Cambodia.
Royal Group is the premier investment and development conglomerate in Cambodia. The Group is focused on bringing quality investment to the country and on providing investors with the platform to run successful and profitable operations. Cambodia’s booming economy, one of the fastest growing worldwide, enjoys a stable political situation, together with the most welcoming and liberal business, investment and trade environments in ASEAN.
Keppel Infrastructure (KI) is a wholly-owned subsidiary of Keppel Corporation, a Singapore flagship multinational company providing solutions for sustainable urbanization. KI provides solutions for some of the world’s most pressing challenges through its power & gas, environment and new energy businesses by leveraging its proprietary technology, strong technical expertise and proven operating capabilities.