Joint venture between Tractebel and Hemaraj Land and Development plc, a Thai company, formed in 1997 with the aims to expand in electricity sectors in Thailand, Laos, Cambodia and Myanmar, through IPPs , and also genration, distribution, maintenance and trading.

In February 2000, Tractebel increased its stake in H-Power from 50% to 75% paying US$17.7m to Hemaraj.

In July 2001, it has two subsidiaries. Bowin Power is developing an IPP and Industrial Power developed and operates a Small Power Producer (SPP).