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KUALA LUMPUR: Kumpulan Powernet Bhd has accepted a RM65.87mil contract to design and build an 8MW hydropower plant in the Vientiane province in Laos.

In a statement released to Bursa Malaysia on Tuesday it said that it had accepted the letter of award from Zhenghong Building Road & Bridge Construction Co. Ltd.

The job scope will include design, supply, construction, commissioning and completion of the hydropower plant. The contract price includes the supply and installation of mechanical and electrical equipment.

Kpower said the target completion date was within 18 months from the commencement date or such other extended period.

Its board anticipates the foray into the provision of construction related services due to the project will result in a diversion of 25% or more of the net assets of KPower and/or will contribute 25% or more to the net profits.

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