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).