Energy Projects Totalling $5.79B Investment Reviewed By Cambodian Council Of Ministers For 2024-2029
Twenty-three new energy investment projects totalling a value of USD 5.79 billion were reviewed by the Council of Ministers during a cabinet meeting chaired by Cambodian Prime Minister Hun Manet on September 27, 2024.
These new investment projects aim to address the country's ongoing power shortages, aligning with the Kingdom's goal of achieving 70 per cent clean energy by 2030.
According to a statement from the meeting, the 23 energy development projects include 12 solar power projects, six wind power projects, one combined solar-biomass project, one gas-fired (LNG) power plant, one hydropower project, and two energy storage facilities. Of these, 21 are power station projects with a combined capacity of 3,950 MW, and two are large-scale storage projects with a capacity of 2,000 MW.
“These projects will play a crucial role in meeting Cambodia's electricity demand,” the government statement said. “They will ensure a reliable and affordable power supply to consumers across the country, contributing to the stability of the national grid,”
“These projects will enhance Cambodia's energy security by reducing reliance on imports and boosting domestic clean energy sources like solar, wind, hydropower, and biomass,” the statement added.
These projects are expected to create tens of thousands of jobs, particularly in Battambang, Pursat, Kampong Chhnang, Ratanakiri, Mondulkiri, Sihanoukville, Kampong Cham, and Prey Veng, providing on-site training and modern skills-development for Cambodian workers.
In 2023, the Ministry of Industry, Science, Technology, and Innovation (MISTI) released an Energy Tech Roadmap that outlines the country’s aim to become an energy self-sufficient nation through the deployment of technology and innovation, and the leveraging of renewable energy sources for sustainable development, by 2030.
Based on this roadmap, Cambodia will increase local energy generation capacity, enhance renewable energy and storage capacity, and leverage energy efficiency for domestic use and in the industrial sector.
Furthermore, the Cambodian government, in partnership with the Asian Development Bank (ADB), has also produced the Power Development Master Plan (PDP) of Cambodia 2022-2040, which focuses on renewable energy adoption.