The Project involved procurement 60 MW of solar photovoltaic power from the private sector through international competitive bidding on Build – Own – Operate (BOO) basis. The Project attracted bids from 26 bidders and featured the lowest ever tariff in the ASEAN region.
The Project is the initial phase of a 100 MW capacity solar power park and associated substation in Kampong Chhnang Province and a transmission interconnection system to supply power to the national grid. The power from the solar plant will be purchased by Electicité du Cambodge based on a 20 year Power Purchase Agreement.
ADB is the transaction advisor for the Project. ADB had appointed Synergy as financial and PPP advisor (as part of the Suntec / Juru consortium) for this Project. Synergy’s support included:
- Assisting on all financial aspects of the project including bankability of the precedent PPA, risk allocation for the project, payment and security mechanism under PPA, value for money analysis and PPP structuring;
- Assisting in market sounding with developers and lenders in respect of appetite for funding the project;
- Assisting in conceptualization, design and delivery of the procurement process; and
- Assisting in project tendering, bid evaluation and selection of preferred bidder.
This project is another milestone for Synergy in its successful journey in the renewable energy sector and government / off taker side procurement advisory business.