South Korean firm invests in Bago power project

Yangon – South Korea’s MCM Power Company will invest over US$35 million on a power generation and distribution project in Pyay township, Bago, according to U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).

The gas-powered project is expected to generate 40MW of electricity.

Interest in the Myanmar power sector from Hong Kong, Singapore and China-based firms has risen and more are expected to channel funds into boosting the power sector, U Thant Sin Lwin said.

In early December, Hong Kong-listed CNTIC VPower Company was permitted to invest half a billion dollars to execute similar power projects in Thaketa, Yangon and Kyaukphyu, Rakhine, according to DICA.

VPower will invest $363 million in the generation of 400MW of electricity in Yangon and the remainder to generate 150MW in Rakhine. The projects will be powered by liquefied natural gas and based on Build, Operate and Own agreements.

Since 1988, a total of 21 enterprises have invested $15.6 billion in the power sector, according to data provided by DICA. (Myanmar Times)