Velcan Energy, an independent Luxembourg-based power producer, plans to invest in the development of hydropower in Laos after learning of the industry’s investment potential. The company and its Lao partner, Electrical Construction and Installation State Enterprise, on Friday signed a memorandum of understanding (MOU) with the government in Vientiane. The MOU paves the way for the two companies to conduct primary studies for the development of the Nam Phouan Hydroelectric Power Project in Saysomboun district, Vientiane province. Deputy Minister of Planning and Investment, Mr Thongmy Phomvisay, Velcan Energy Director, Mr Antoine Decitre, and Electrical Construction and Installation State Enterprise Acting Director, Mr Amphone Phommachanh, represented the three parties signing the MOU. Deputy Minister of Energy and Mines, Mr Somboun Rassasombath, and a number of senior government official also attended the event. Speaking at the signing ceremony, Mr Decitre said Velcan Energy had discovered Laos to be a country with a high potential for hydropower development, adding there was potential to generate 25.000 MW. If this was harnessed, it would enable Laos to earn about US$ 6 billion annually to boost economic growth and provide sufficient energy for the growing mining and other industries in the countries. Velcan Energy is now investing in the development of hydropower in India and Brazil.
Source: Vientiane Times
