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Will exports continue to drive Laos power development?
31 October 2011
Laos’ impressive hydroelectric resources and low domestic power consumption make it attractive to neighbouring power purchasers. With competition from power purchasers comes competition from lenders. Tom Nelthorpe reports from Bangkok.
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Financings for large-scale power projects in Laos have compensated for limited big-ticket opportunities in Thailand, and bankers’ difficulties in competing for similar-sized projects in China and Burma. Laos is now, after the Philippines and Indonesia, one of the most promising independent power project (IPP) markets in Asia.
EdL: Generation next
The Lao People’s Democratic Republic, like its neighbours Vietnam and China, is a nominally communist country that is open to foreign investment and the development of capital markets. In 2011 the country launched the Lao Securities Exchange, on which two stocks are traded. The first is Banque Pour Le Commerce Exterieur Lao (BCEL), with a free float of 15%, while the second is Electricite du Laos Generation, majority owned by Electricite du Laos, with a 25% float.
The presence of EdL-Gen as an anchor listing for the exchange is unsurprising, since electricity sales account for a huge chunk of Laos’ foreign exchange earnings....
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