Sembcorp Industries (Sembcorp signed a build-operate-transfer) (BOT) agreement with the Ministry of Electric Power and Energy of Myanmar (MOEE), for its upcoming 255-megawatt Sembcorp Myingyan gas-fired power plant in Mandalay yesterday.
The agreement between Sembcorp Myingyan Power Company and MOEE was signed by Tan Cheng Guan, Sembcorp Industries’ Executive Vice President & Head, Group Business Development & Commercial, and U Htein Lwin, Permanent Secretary at MOEE. Under the agreement, Sembcorp Myingyan Power Company will build and operate the power plant for 22 years, after which the facility will be transferred to the Myanmar government.
The BOT agreement comes after the signing of a long-term power purchase agreement in March 2016, for the sale of the plant’s entire power output to Electric Power Generation Enterprise (EPGE), the successor entity to Myanma Electric Power (MEPE) pursuant to reorganization within MOEE.
The total project cost of the Sembcorp Myingyan Power Project is approximately US$300 million.
Commenting on the signing, Sembcorp Group President & CEO Tan Kin Fei said, “we are confident that we will be able to deliver this facility on time. This will help to meet the growing need for power particularly in Mandalay, support the nation’s progress and improve the quality of life for the Myanmar people.”