Since listing Asiatic Group (Holdings) Limited in 2003 on the Catalist Board of the Singapore Stock Exchange Securities Trading Limited in 2003, George Tan, its CEO, has been instrumental and pivotal in expanding and diversifying the Group’s core fire protection and controlled power solutions business into the energy sector of South East Asia starting with the acquisition of Colben Energy. George realised back then that with the rapid population and associated economic growth, many South East Asian countries will face uphill challenges to quickly increase their power generation capacity to meet the growing demand for power supply. Since then, the Group’s investment in projects has reached over US$100 million.
George’s vision, ability to see such potential, quickly assess the risks and come up with risk mitigation measures, led him to develop Colben Energy’s first two IPP plants – one in Sihanoukville and another at Phnom Penh, Cambodia, both using the build, own, operate approach and the signing of a 10-year power purchase agreement with Electricite Du Cambodge, a state-owned utilities company. Besides being the project promoter/investor, Asiatic Group Holdings was also the EPC contractor for both projects and continued on as the Operations and Maintenance contractor.
Not one to rest on his laurels, George quickly followed up with a third power plant at a Special Economic Zone developed in Phnom Penh by the Japan Cambodia Development Corp in 2007 (now renamed as Phnom Penh SEZ Co. Ltd).
With ever-growing concern for the environment, sustainable development and global warming, George’s instinct drove him to venture into the renewable energy sector in a joint venture company to design, build, own and operate a 44 MW hydropower plant in North East Vietnam. This project not only launched Asiatic Group Holdings into the renewable energy sector but expanded the Group’s business into another South East Asian country.
This was quickly followed by a 12.5MW biomass to energy plant in Teluk lntan, Malaysia, which was undertaken on a design, build, own and operate basis and the signing of a power purchase agreement with Malaysia’s TNB. This plant uses empty fruit bunches – a waste product from palm oil mills – as its fuel. This plant is developed, constructed and commissioned with investment and technological expertise from Colben Energy Holdings and is considered the crown jewel project of Asiatic Group Holdings.
Moving forward and very much in line with the Group’s vision of being a regional Independent Power Producer with a focus on green energy, Asiatic Group Holdings continues to explore and venture into many more environmentally responsible and renewable energy type projects in the Asia Pacific. Potential projects include development of solar energy farms and further biomass related development.
