Laos strives to boost clean energy-Xinhua


Laos strives to boost clean energy

Source: Xinhua

Editor: huaxia

2024-05-15 14:31:00

VIENTIANE, May 15 (Xinhua) -- The Lao government and a company from Thailand have collaboratively formed a joint venture company named Super Holding Company, to manage the clean energy business of over 7 gigawatts (GW).

An agreement on joint investment in the energy sector was signed by Laos' Ministry of Finance, representing the Lao government, and Energy Absolute Public Company Limited (EA), according to a press release issued by the Lao Ministry of Finance on Wednesday.

The signing ceremony, held in Lao capital Vientiane on Monday, was witnessed by Lao Prime Minister Sonexay Siphandone, along with representatives of the Lao government and the company.

The partnership aims to bolster revenue from clean energy within three years, alleviate dependency on crude oil imports, facilitate the development of energy storage solutions, offer electric vehicle solutions, and invest in further renewable energy projects to advance the national goal of positioning Laos.

The initiative aims to generate added value for Laos, enhance its competitive edge, and address long-term economic stability concerns.

With the Lao government as the principal shareholder and entrusted with the professional management team, Super Holding Company aims to instigate economic reform fundamentals, fostering a self-sufficient ecosystem conducive to driving clean energy adoption and fostering sustainable economic development in Laos.

Initially, the company will undertake multiple hydropower projects with a combined capacity of more than 7 GW, which will be managed under its purview. It will also serve as a center for managing renewable energy initiatives and overseeing the export of total power energy.