On June 4, 2018, at the Vientiane Plaza Hotel, Vientiane, Lao PDR, Viet Lao Power Joint Stock Company (VIETLAOPOWER) and American ACO Investment Group (ACO) signed Memorandum of Understanding (MOU) on investment cooperation.
Mr. Le Van Ton - Chairman of the Board of Directors of VIETLAOPOWER and Mr. Hari Achuthan - Chairman and CEO of ACO signed Memorandum of Understanding on investment cooperation.
Attending the MOU ceremony included
Under the Agreement, ACO - an investment organization with financial and experience capacity will call for investment in the development of electricity and power transmission projects from investment funds and credit organizations and development financial organization (DFI's) and wishes to become a strategic partner of VIETLAOPOWER through its independent power company, CONVALT ENERGY LLC or investment funds established by ACO to co-invest in the field of power generation and transmission lines in Laos to sell electricity to Vietnam.
VIETLAOPOWER has developed successfully and effectively such projects as Xekaman 1, Xekaman Xanxay, Xekaman 3 Hydropower Projects, 230kV transmission line from Xekaman 1 Hydropower Plant to Vietnam – Laos border, 220kV transmission Line from Xekaman 3 Hydropower Plant to Vietnam; 115kV line from Xekaman Xanxay to Xekaman 1, Xekaman 1 hydropower project; the solar power project on Xekaman 1 reservoir with total capacity of 922MW, total investment USD 1.44 billion, total generated output 3.2 billion kwh/year on average; Vientiane Plaza (4 star Hotel Complex) and ADB-standardized resettlement areas for local relocated residents.
Viet Lao Power Joint Stock Company with experience in developing and investing in hydroelectricity and power transmission projects in Lao PDR will consider cooperating with ACO Investment Group regarding developing power sources and transmission systems to supply power to Vietnam’s grid to ensure the country’s energy security.
Mr. Paul Herr - Country Director- Lao PDR of Convalt Energy and Mr. Do Dinh Nhat - General Director of VIETLAO POWER signed the MOU
H.E Ms. Rena Bitter, US Ambassador to Laos spoke at the MOU signing ceremony
Mr. Le Van Ton - Chairman of the Board of Directors spoke at the MOU signing ceremony
Mr. Hari Achuthan - Chairman and CEO of ACO
By Pham Ngoc Dung