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Singapore-based firm to develop gas-fired power plant in Myanmar

Xinhua, April 27, 2015 Adjust font size:

Singapore-based company -- Sembcorp Utilities will develop and operate the largest gas-fired independent power plant in central Myanmar, official media reported Monday.

The 300-million-U.S. dollar power plant with 225-megawatt capacity, granted by Myanmar Electric Power Enterprise, will be constructed in Myingyan district of Mandalay Region, said the Global New Light of Myanmar.

The plant will have at least an 80 percent stake in the project of Myanmar where electricity demand is estimated to increase at a compounded annual growth rate of 13 percent over the next 15 years.

The project is targeted to complete in 2017 and the new facility will help to ease the country's power deficit, with an estimated 500 megawatts during peak periods.

Sembcorp will sign an MoU with Ministry of Electrical Power for the investment, with 300 million U.S. dollars to be funded through a mix of limited recourse project financing and equity. Endi