Latest news with #Sinohydro
Forbes
7 hours ago
- Business
- Forbes
Billionaire Sarath Ratanavadi's Gulf Takes Over Lao Hydro Power Project In $128 Million Deal
Water rushing out of open gates of a hydro electric power station A wholly-owned unit of Gulf Development—an energy-to-telecommunications conglomerate controlled by billionaire Sarath Ratanavadi—has agreed to buy out its partner's stake in a hydro power project in Laos as the Bangkok-listed company steps up investments in clean energy facilities. Gulf Hydropower Holdings is acquiring 60% of the 770-megawatt Pak Lay Power—which is building a hydroelectric power plant in the Mekong region—for $128 million from Sinohydro (Hong Kong) Holding, a Chinese state-linked company. The deal raises its stake in Pak Lay Power to 100%, Gulf Development said in a filing to the Stock Exchange of Thailand. Pak Lay Power will supply all its electricity output to Thailand when it starts commercial operations in 2032 under a 29-year contract with the Electricity Generating Authority of Thailand. Gulf has been increasing investments in renewable energy facilities to reduce the group's greenhouse gas emissions, moving it closer to its net zero target by 2050. In recent months, the company announced total investments of 102 billion baht ($3.2 billion) in solar and wind energy projects with a total capacity of 746.6 megawatts, as well as in a liquefied natural gas terminal project at the Map Ta Phut industrial port in eastern Thailand. Gulf—one of Thailand's biggest power producers—has been diversifying in recent years and has become one of the country's largest conglomerates with interests in data centers, telecommunications, and digital infrastructures. It was founded in 2007 by Sarath, one of the nation's wealthiest tycoons with a net worth of $12 billion.
New Straits Times
30-06-2025
- Business
- New Straits Times
DNeX, PowerChina unit to explore, develop key RE ventures in Malaysia
KUALA LUMPUR: Dagang NeXchange Bhd has partnered with Sinohydro Corporation (M) Sdn Bhd to explore and develop key initiatives across Malaysia's growing renewable energy (RE) sector. Sinohydro Malaysia serves as Power Construction Corporation of China Ltd's (PowerChina) subsidiary in Malaysia, actively undertaking major construction and engineering projects across the country since 1998. The partnership reflects both sides' commitment to innovation, supporting Malaysia's clean energy transition, economic growth and local upskilling through technology transfer and global best practices. It outlines several key areas of cooperation designed to support the government's vision of accelerating Malaysia's clean energy agenda in line with the National Energy Transition Roadmap. This includes RE project development, technology transfer and best practices, sustainable rare earth exploration, innovation and enhancement, as well as local talent development. DNeX group chief executiv officer Faizal Sham Abu Mansor said the collaboration will not only unlock new RE potential across the nation but also enable us to embrace advanced technologies like small modular reactor (SMR). "This opportunity will greatly complement our on-going sustainability plans in the wnergy sector as we intend to move our oil and gas portfolio closer to bridge fuel like natural gas in lieu of oil and in our IT sector which is focusing more and more on provision of sovereign cloud and artificial intelligence (AI) services. "This requires large amount of energy, and partnering with Sinohydro enables us to moonshot ourselves in the field of SMR and ensure our products and service offerings are not only reliable but a carbon-free power source," he added. Faizal said Sinohydro's joint commitment to clean rare earth extraction aligns perfectly with our vision for responsible resource management and industrial growth. "We are particularly excited about the prospect of developing local expertise and creating high-value jobs in these critical sectors. "As we accelerate our shift towards a greener future, this partnership represents a milestone in our renewable energy transition and expansion from our traditional oil and gas business reinforcing our dedication to environmental stewardship," he said. Sinohydro has been involved in major power projects in Malaysia, including the 2,400 megawatt (MW) Bakun hydroelectric plant, the largest in Malaysia and Southeast Asia. Other key projects include the Connaught Bridge and Tanjung Kidurong power plants, Hulu Terengganu and Murum hydro plants, the LSS3 Coara Marang solar project and Telekosang small hydro plants. It is currently building the Baleh hydroelectric project and the Miri combined cycle gas turbine plant.
Mint
19-05-2025
- Business
- Mint
China fills the US void in the Americas
Chinese dictator Xi Jinping hosted his fourth annual Latin American and Caribbean ministerial meeting in Beijing last week. His message to the more than 30 countries represented was simple: As the U.S. retreats from trade with the Americas, China is ready to step into the void. China has been methodically working toward greater political influence in the region for more than two decades. But Mr. Trump's tariff increases have opened new inroads for the Middle Kingdom. In July I noted that JD Vance's selection as Mr. Trump's running mate raised the odds that a second Trump presidency would 'double down on Biden protectionism." As I pointed out, that would be 'nothing but upside" for Mr. Xi. And here we are. Mr. Xi's Latin gathering was no free-trade bonanza. Rather, China made a point to publicize its preference for Latin suppliers over Americans and its intention to continue influence-buying with loans. Given Chinese corruption, this isn't likely to end well. But in the meantime, U.S. security risks will go up. Brazil is so far the biggest Latin American winner in the Trump trade war. To punish the U.S. for higher tariffs on its imports, China is cutting back on its purchases of U.S. farm exports and buying more from Brazil. During his visit to Beijing, Brazilian President Luiz Inácio Lula da Silva signed more than a dozen bilateral trade deals and discussed more than two dozen potential new ones, according to Infobae, an Argentine news outlet. In exchange for buying more Brazilian exports, China is supposed to gain greater access to the Brazilian market for its cars and machinery. How much is unclear. Domestic Brazilian manufacturers, which have substantial political power, are already complaining about threats to their protected markets. The opening between the two countries may be less than advertised. Still, excitement among politicians like Colombia's President Gustavo Petro, a left-wing former terrorist, around the reported Chinese offer of $9.2 billion in new lines of credit for the region can't be overstated. The unreconstructed Marxist has dollar signs in his eyes. More trade with China doesn't threaten Latin sovereignty, and in the absence of U.S. openness, it might even be a positive. But it won't happen in any significant way without infrastructure upgrades. That's where the danger for the Western Hemisphere appears, as China uses its Belt and Road Initiative to increase poor countries' indebtedness, send thousands of workers to the Americas, and become a player in ports, railways and communications. Ecuador learned the costs of such entanglements the hard way with the Coca Codo Sinclair Dam, a hydroelectric project built by Chinese contractor Sinohydro. Initially financed with a $1.7 billion loan from Beijing and inaugurated in 2016, its final price tag, with delays and cost overruns, was about $3 billion. Design flaws, shoddy construction and alleged corruption have kept it from meeting its promised capacity. The U.S. Army Corps of Engineers has been called in to try to fix the dam while Ecuador has spent a decade selling discounted oil to China to repay the loan. Ecuador borrowed an estimated $14 billion from China during a decade of rule by Rafael Correa, its leftist anti-American president from 2007-17. Servicing that debt has been a burden for the little country and only after much renegotiation has it slowly recovered. Countries with stronger institutions may fare slightly better. The Peruvian deep-water port of Chancay, completed last year, is 60% owned by China's Cosco Shipping. The port is an emblem of China's ambitions in the region. It can handle ultralarge container vessels that can't unload elsewhere on South America's Pacific coast. The modern facility is good for trade. But it also gives China a place to dock military ships. The Chinese agricultural conglomerate Cofco International and China's state-owned port developer are already investing heavily in Brazil, as is China Railway. Both countries, along with Peru, talk of connecting Chancay to Brazil's Atlantic coast by rail, a journey of about 2,700 miles. China is offering to finance the project. Brazil's recent history in building railways isn't encouraging. The first 333-mile phase of a 950-mile rail line crossing the state of Bahia, begun in 2011, was supposed to be completed by 2014. But the project has been repeatedly delayed by financial, legal and logistical problems. In March it was put on hold indefinitely. As Diogo Costa, president of the Foundation for Economic Education in Atlanta and the former head of Brazil's National School of Public Administration, puts it: 'When it comes to building infrastructure, Brazil's problem isn't money. It's execution." That's true for most of Latin America, where transparency and the rule of law are foreign concepts, and piling on Chinese debt will inflict more pain. It isn't too late for the U.S. to push back by re-engaging commercially. Write to O'Grady@
Zawya
14-05-2025
- Business
- Zawya
South Africa: Lesotho Highlands Water Project contractor suspended for polluting rivers
A construction company working on Phase II of the Lesotho Highlands Water Project (LHWP) has been forced to suspend operations because it has been dumping acidic and oily wastewater into nearby rivers and the Katse reservoir. The Katse reservoir provides drinking water to South Africa. After receiving a suspension letter, the company, Kopano Ke Matla Joint Venture, 'indefinitely' sent home 1,400 workers for the M42-billion (M1.00 = R1.00) binational project between Lesotho and South Africa. Kopano Ke Matla is a joint venture between Chinese-owned companies Yellow River Company and Sinohydro Bureau 3 and South African company Unik Civil Engineering. The company is responsible for constructing a M7.68-billion, 38km transfer tunnel connecting the under-construction Polihali Dam to the existing Katse Dam. This will add 2,325-million cubic meters of storage capacity to the water scheme, increasing the amount of water the scheme provides annually from 780-million cubic meters to 1,270-million cubic meters. Chief Masiphole Sekonyela of Tloha-re-buoe village near the under-construction Polihali Dam told GroundUp that the contractor's wastewater discharge has directly impacted his community. Wastewater removed from under-construction tunnels was dumped into the Sekoai River near the village, said Sekonyela. He described the wastewater as oily and 'black like sewage'. 'We now don't know where to take our animals to drink. Women used to do laundry at the Sekoai River, but the water is now contaminated,' Sekonyela said. 'We have seen the contamination ourselves. The company has not even bothered to warn the community that they have a problem with the water,' he added. Mpho Brown, spokesperson for the Lesotho Highlands Development Authority, told GroundUp that the company has until 26 May to rectify the environmental non-compliance issues. Brown said that the suspension is not expected to affect the overall progress on the project. The deadline for Phase II was previously moved from 2027 to 2029. Delays were due to a combination of factors, including protracted negotiations with Lesotho, changes in leadership within the South African Department of Water and Sanitation, and allegations of political interference and potential corruption. An internal memo, seen by GroundUp, from the office of the project director at Kopano Ke Matla states that staff will be laid off indefinitely, 'until the engineer formally lifts the suspension … during this period, the principle of no work, no pay will apply.' In a suspension letter dated 5 May, seen by GroundUp, the supervising engineers cited Kopano Ke Matla's continued non-compliance with wastewater treatment specifications, 'despite multiple correspondences and discussions in this regard, including more recent warnings of pending suspensions.' The letter instructed Kopano Ke Matla to suspend all work associated with the non-compliant wastewater discharge systems. The consultants had inspected the company's five wastewater treatment plants on 5 May and found that the systems remained non-compliant. The suspension letter also reveals that Kopano Ke Matla had addressed only three of the 26 issues flagged as non-compliant. The company had failed to provide its effluent test results and the sulphuric acid dosing pump was malfunctioning, resulting in high pH levels of the treated water and evidence of hydrocarbon (oil) contamination of the treated water. The documents attached to the suspension letter, seen by GroundUp, highlighted other concerns, including: - discharge of untreated construction wastewater into the Ntšupe River, - overflow from the peracetic acid settlement pond - discharge of chemical toilet waste outside the project site, - discharge of untreated tunnel effluent into the Katse Reservoir (a source of drinking water for South Africa), - lack of construction wastewater method statements, - inadequate water quality monitoring equipment, and - failure to maintain sewage and water treatment plants. The letter also accuses Kopano Ke Matla of failing to submit a method statement for managing construction wastewater for review. This document should outline how wastewater generated during construction activities will be managed, treated, and disposed of safely to meet environmental and legal standards. Representatives for Kopano Ke Matla did not respond to GroundUp 's questions by the time of publication. This article was originally published on GroundUp.
Yahoo
21-04-2025
- Business
- Yahoo
Genmin signs MoU with Sinohydro for Baniaka iron ore project in Gabon
African iron ore producer Genmin has signed a binding memorandum of understanding (MoU) with Sinohydro for the development of its wholly-owned Baniaka iron ore project in Gabon. The agreement facilitates the project's advancement through engineering, procurement, and construction (EPC) proposals and funding procurement assistance. The MoU outlines key terms, including the sharing of information to aid in technical and commercial proposals, a period of exclusivity for Sinohydro to prepare and negotiate an EPC contract, and assistance in securing at least $250m in funding for Baniaka's development. The MoU is valid for three years but may be terminated early under specific conditions, such as legal restraints, permit expirations, insolvency, or if Genmin declines the proposal. Genmin CEO Andrew Taplin said: 'We are extremely pleased to have signed a binding memorandum of understanding with Sinohydro, who has a demonstrated track record in Gabon having built the Grand Poubara hydroelectricity power facility near Baniaka, as well as extensive construction experience in power and transport infrastructure. 'Sinohydro provides the opportunity for Genmin to rapidly advance critical path construction activities at Baniaka thereby minimising the timeframe to bring high-grade, green iron ore to market.' The Baniaka project has secured key regulatory approvals, including a 20-year large-scale mining permit and a Certificate of Environmental Conformance, as well as a signed Mining Convention with the Gabonese Government. These approvals enable Genmin to construct and operate what is set to become Gabon's first commercial iron ore mine. Genmin plans to develop Baniaka with an initial production rate of five million tonnes per annum (mtpa), aiming to scale up to at least 10mtpa over time. Commercial production is expected to begin in late 2026, with securing project financing being the next key milestone. The company is currently in discussions with various potential funding partners. Additionally, Genmin holds exploration tenements at its Bitam project in north-west Gabon, near Oyem, which are prospective for polymetallic mineralisation. "Genmin signs MoU with Sinohydro for Baniaka iron ore project in Gabon" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
