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dam-l LS: GMS Power signs agreement with Yunnan
ELECTRICITY
GMS to sign Yunnan pact
GMS Power will sign an agreement with China's Yunnan electricity bureau
for a hydro-electric project worth US$2 billion.
A GMS Power executive said the pact to be signed on Thursday would
include a joint venture between Chinese partners and the firm, formerly
named MDX Power.
The Thai firm would hold a 70% stake in the venture, with the remaining
30% held by the Chinese Power Corporation, the Yunnan Electricity Generating
Authority and the provincial government.
The Jinghong power project is envisioned as generating 1,500 megawatts
(MW) capacity, with a completion date scheduled for 2014.
The project is covered by a memorandum signed by the Thai and Chinese
governments. Thailand will buy 3,000 MW of electricity from China over five
to seven years starting in 2017.
The source said GMS was seeking co-investors for the project,
particularly Japanese. The project will cost US$ 1-2 billion plus $800
million for the transmission system .
However, he said there were risks as well as benefits from the project as
the transmission system would pass through either Burma or Laos. It was
possible that part of the network would be split from the main project. The
consortium might not invest in the transmission, which could come under the
joint-government programme for the Greater Mekong Subregion.
GMS Power's major shareholder is Subin Pinkayan, a former commerce
minister. The company now operates the 187 MW Thuen Hinboun hydro project
and 430MW Nam Ngum3 power development project in Laos.
Bangkok POst, 6 June 2000
http://www.bangkokpost.net/today/060600_Business09.html
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