Since leading Asiatic Group (Holdings) Limited to its listing on the Catalist Board of the Singapore Stock Exchange in 2003, CEO George Tan has played a crucial role in expanding and diversifying the Group’s core fire protection and controlled power solutions business into Southeast Asia’s energy sector. Recognizing the region’s rapid population and economic growth, George foresaw the challenges many countries would face in scaling up power generation to meet rising demand. His strategic vision and ability to assess risks and develop mitigation measures have guided the Group’s investments, now exceeding US$100 million.
Transforming Cambodia’s Energy Landscape
George’s foresight led to the acquisition of Colben Energy, which became the foundation for the Group’s independent power production initiatives. Under his leadership, Colben Energy developed its first two independent power producer (IPP) plants in Cambodia—one in Sihanoukville and another in Phnom Penh. These projects were established under a build, own, operate model, backed by a 10-year power purchase agreement with Electricite Du Cambodge, Cambodia’s state-owned utilities company. Beyond being an investor, Asiatic Group Holdings served as both the engineering, procurement, and construction (EPC) contractor and the operations and maintenance provider, ensuring the long-term success of these projects.
Building on this momentum, George spearheaded the development of a third power plant within Phnom Penh’s Special Economic Zone in partnership with Japan Cambodia Development Corp, further solidifying Asiatic Group Holdings’ footprint in the region’s energy sector.
Venturing into Renewable Energy
With increasing global concerns over environmental sustainability, George recognized the need to pivot towards greener energy solutions. This led to a joint venture to design, build, own, and operate a 44 MW hydropower plant in Northeast Vietnam. This milestone not only introduced Asiatic Group Holdings to the renewable energy sector but also expanded its business footprint beyond Cambodia.
The Group then embarked on another groundbreaking project in Malaysia—a 12.5MW biomass-to-energy plant in Teluk Intan. Developed under a build, own, operate model, this plant utilizes empty fruit bunches, a waste product from palm oil mills, as fuel. The project was undertaken with investment and technological expertise from Colben Energy Holdings and secured a power purchase agreement with Malaysia’s Tenaga Nasional Berhad (TNB). This plant is considered a crown jewel for Asiatic Group Holdings, demonstrating the Group’s ability to merge sustainability with commercial viability.
A Vision for a Sustainable Future
Looking ahead, Asiatic Group Holdings remains committed to becoming a leading regional Independent Power Producer with a focus on green energy. The Group continues to explore new opportunities in solar energy farms and additional biomass-related projects, aligning with its vision of driving environmentally responsible energy solutions across the Asia Pacific.
