Laos, Thai firm establish a joint venture to promote clean energy use

16/05/2024 18:13

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ຂປລ (KPL) Lao government and a Thai company signed on May 13 an agreement on a joint venture investment project in the energy sector.

(KPL) Lao government and a Thai company signed on May 13 an agreement on a joint venture investment project in the energy sector.

The agreement was signed by Minister of Finance Santiphap Phomvihane and Energy Absolute (EA) CEO Somphote Ahunai in the witness of Prime Minister Sonexay Siphandone, Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith, ministers, Governor of the Bank of the Lao PDR and representatives of relevant offices.

The agreement allows the two parties to establish a joint venture Super Holding to manage and distribute energy from clean sources, promote the use of electric vehicles, and develop a solar power energy storage system.

Super Holding will also promote the use of electric vehicles (EVs) and related technology, increase investment in renewable energy, promote the nation’s Battery of Asia strategy, and build clean energy distribution and management centres across the country.

The government will hold the majority of the shares at Super Holding.

In its first phase, Super Holding will be granted right to manage 7 GW of electricity from hydropower plants in the country and will serve as a representative agency to exclusively manage renewable energy projects and energy exports.

KPL

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