Korean firm invests $35 mln in electricity distribution project

LOCAL NEWS

By Nyein Nyein

MCM Power Company from the Republic of Korea has invested over US$35 million on a power generation, supply, and sale project, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
The MCM Power Company will execute a project to generate 40MW of electricity from a gas engine and its supply and sale on an IPP (BOT) basis at the Shwe Taung Power Plant, located in Shwe Taung Village, Pyay Township, Bago Region. “The power sector is increasingly attracting foreign investments. The latest investment in the sector is in the project for generating 40MW of electricity from a gas engine. More projects are expected to enter the power sector,” said U Thant Sin Lwin.
Foreign companies are interested in Myanmar’s power sector, especially those from Hong Kong, Singapore, and China, he said.
“Hong Kong, Singapore, and China-based companies will replace the existing 20MW gas turbines with advanced engines to boost production,” said U Thant Sin Lwin.
In early December, a Hong Kong-based company was permitted to invest $500 million to execute electricity generation, supply, and sale projects in Yangon and Kyaukpyu cities, according to the DICA.
Hong Kong-listed CNTIC Vpower Company will invest $363.070 million in the generation of 400MW of electricity from LNG, and its supply and sale on an IPP (BOO) basis at the Thakayta power plant in Yangon Region.
Additionally, the company will invest $140.47 million in the generation of 150MW of electricity from LNG, and the supply and sale of power on an IPP (BOO) basis in Kyaukpyu Township of Rakhine State.
Since the 1988-1989 financial year and as of November-end in the current financial year, 21 enterprises have invested $15.6 billion in the power sector, according to data provided by the DICA. (Translated by Ei Myat Mon)

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