(KPL) The Vangsub Development and Investment Co Ltd and THB Group Sole Co Ltd have made a joint venture to develop the Nam Neun I and II hydropower plants in Xieng Khuang and Huaphan Provinces.
The signing ceremony for the joint venture was held in Vientiane Capital last Friday between President of the Vangsub Development and Investment Company, Mrs Viengvanh Phommary and the President of THB Group Sole Co Ltd, Mr Tong Homsombath.
The event was witnessed by Deputy Minister of Finance, Mr Syla Viengkeo and relevant officials.
Following a survey and feasibility study in 2009, the government allowed our company to continue developing the Nam Neun I and II hydropower plant projects in 2014.
The construction work expected to be completed next year and will begin exporting electricity by 2022.
“The Nam Neun I hydropower plant, with installed capacity of 124 MW, is an investment of about US$300 million, and the Nam Neun II, with installed capacity of 60 MW, is worth US$140 million,” said Mr Tong.
He said that 30 per cent of the shares are held by the Vangsub Development and Investment Company and the government, and 70 per cent are owned by our company.
The projects also contribute to the development of infrastructure in local areas, creating favourable conditions for local people, promoting commercial production, and improving the living standards of local people. They also contribute to the government’s national socio-economic development plan to graduate the country from least developed status by 2020, Mr Tong said.