Laos signs $1.45 billion clean energy deal with Chinese industrial company
BEIJING, March 24 (Reuters) - Laos has signed a $1.45 billion clean energy deal with a Chinese power plant equipment manufacturer as the Southeast Asian country furthers its push into clean power generation and transmission.
China Western Power Industrial, along with a Singapore-based construction company, signed the agreement with Xekong Thermal Power Plant in Laos to design, supply, and build a 1,800-megawatt clean energy power project in southern Laos, according to a stock exchange filing by the Sichuan-based company on Monday.
The project is expected to be completed by the beginning of 2030, with initial designs to be finished by the end of this year.
The filing did not provide details on the energy source of the project.
On the day, the Chinese company also signed a power transmission deal, valued at $228.8 million, with the same Laotian company.
In 2022, China Western Power signed a supply and service deal worth $409 million with another power company in Laos.
Last year, a Chinese state-owned power company signed an agreement with Laos to expand a wind and solar energy base in the north of the country.
Laos, a mountainous country, has produced about 80% of its electricity from hydropower over the last decade but has struggled to scale up its solar and wind power.
Electricity exports, which also go to neighbouring Thailand and Vietnam, have formed a key part of the development strategy of landlocked Laos, which has been dubbed the battery of Southeast Asia.
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Business News Wales
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Wall Street's three main indices and the ICE BofA U.S. Treasury index are all slightly higher for the year to date, despite the post-'Liberation Day' volatility, while the dollar has steadily ground lower, losing around 10% of its value against a basket of major currencies and breaking long-standing correlations along the way. The dollar was perhaps primed for a fall. It's easy to forget, but only a few months ago the 'U.S. exceptionalism' narrative was alive and well, and the dollar scaling heights rarely seen in the past two decades. But that narrative has evaporated, as U.S. President Donald Trump's controversial economic policies and isolationist posture on the global stage have made investors reconsider their exposure to U.S. assets. But why is the dollar feeling the burn more than stocks or bonds? Non-U.S. investors often protect themselves against sharp currency fluctuations via the forward, futures or options markets. 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What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
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