A power purchase agreement was signed between POWERCHINA Resources Co Ltd and Myanmar Electric Power Generation Enterprise in Myanmar on Nov 5, under the witness of U Win Khiang, minister of the Myanmar Ministry of Electricity and Energy, and Tan Shufu, Chinese economic counselor to Myanmar.
Located in the west of Myanmar's Kyaukpyu Economic Zone, the power project has been deemed as a key project in improving the current power supply in Kyaukpyu, and the signing is considered as an important milestone in the project's investment and development.
With a total power supply capacity of 135 megawatts, the plant adopts gas-steam combined cycle technology and will be able to provide one billion kilowatt-hour annually upon construction. The project is expected to have an operational period of 25 years.
Since the development of the Kyaukpyu project, POWERCHINA Resources Co Ltd has set up a professional team to deeply explore the Myanmar market, quickly gaining understanding of the project development process.
The Chinese company has also worked extensively to do its due diligence, assessing the project's potential risks through feasibility research, environment impact assessment, as well as investment framework design and risk control before the purchasing agreement was penned.
The power project is expected to significantly improve the power supply of Kyaukpyu and its neighboring area, stimulate local economic development and employment, as well as make contributions to the China-India-Myanmar Economic Corridor.
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The power purchase agreement is signed between POWERCHINA Resources Co Ltd and Myanmar Electric Power Generation Enterprise in Myanmar on Nov 5. [Photo/POWERCHINA] |
