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INNER RENEWABLE ENERGY (CAMBODIA) CO., LTD (IREC)

On 22 October 2018, INNER RENEWABLE ENERGY (CAMBODIA) CO., LTD (IREC) by Chairman Mr. Meas Sethviphou has entered into the Memorandum of Understanding (MOU) Agreement with Dr. Khamlien PHOLSESA Vice Minister Ministry of Investments and Mr. Chantho MILATTANAPHENG Director General Institution of Renewable Energy Promotion , Ministry of Energy and Mines of Lao People's Democratic Republic (Lao PDR) on the investments and developments of renewable energy solar power plant of 160 MW combined with the storage facilities.

This power plant is designed and built to supply the electricity 24 hours daily (24/7) into the grid system of Electricite Du Laos (EDL) and distribute the electrical power to the Bolikan district of Bolikhamxay Province. This plant will also export supplying the surplus electricity which is already in a great demand to the neighboring countries and it will be sold in export long term Power Purchase Agreement (PPA).

With the backing of The Gideon Group Inc. a global corporate & project finance firm based out of Arizona USA, IREC has now commenced exploration and conducted the feasibility study for the construction of the power plant and will be able to submit the investments package to the government of Lao PDR by the end of 2019.

In addition to above investments, IREC and The Gideon Group Inc. is currently under the process of developing renewable energy through photovoltaic power plants in the Kingdom of Cambodia. With the support from the government of Cambodia IREC has initiated construction for the solar power plant of 135 MW with energy storage and supply of electricity 24/7 into the grid system of Electricite de Cambodge (EDC). The supply of electricity is for the capital city Phnom Penh's developments and expansion as well as the industrial sectors which require steady and efficient power supply.

The local supply of electricity will also provide cheaper tariff and reduce the imports from the neighboring countries.

IREC is now in the process of site preparation, infrastructure and design of solar power plant and technical works have already started. The Power Plant is planned for completion in 2023 along with the commencement of Commercial Operation Date (COD).


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