Kumpulan Powernet bags 8mw hydropower project worth US$15.88m in Laos

KUALA LUMPUR: Kumpulan Powernet Bhd said yesterday it had received a contract to undertake the development of an 8mw hydropower plant in Laos worth US$15.88 million (RM65.74 million).

The company said it received the letter of award from Zhenghong Building Road & Bridge Construction Co Ltd yesterday for the project located in Nam Samoy, Kasi district, Vientiane province.

“Zhenghong and the company shall enter into a definitive agreement within 30 business days from the date of the award or such other extended period as determined by Zhenghong,” the company said in a filing with Bursa Malaysia.

The project is expected to be completed within 18 months from its commencement date, while the defect liability period is for two years from its completion, it said.