A number of energy projects, including emergency power plants, have been greenlighted by the Myanmar Investment Commission (MIC).
The MIC in November 2019 approved the application of a joint venture between China National Technical Import and Export Corporation and Hong Kong-listed VPower Group for a 400MW
Consortia involving VPower also won the tender to build a 350MW LNG plant in southern Yangon and a 20MW gas plant in Kyun Chaung.
In the first three months of the 2019-20 fiscal year, starting from last October, the MIC has approved four energy investment proposals, according to U Thant Sin Lwin, director general of the
Directorate of Investment and Company Administration (DICA) and secretary of the Myanmar Investment Commission (MIC). The four projects will account for more than US$700 million of FDI.
U Thant Sin Lwin expects approved investment in the energy sector to increase this year.
This month the MIC also approved Kyauk Phyu Electric Power’s proposal to operate a 135MW combined cycle gas turbine power plant worth $173 million in central Rakhine’s Kyaukphyu township.
It had already approved MCM Power Co, a Myanmar-South Korean joint venture, for a 40MW, $35 million gas plant in Bago Region last month.
During Chinese president Xi Jinping’s visit last weekend, the two governments agreed to hasten negotiations on a 1390 megawatt, $2.6 billion liquified natural gas (LNG) power plant project in Ayeyarwady’s Mee Lin Gyaing.
The Yunnan Provincial Energy Investment Group, Union Resources, and Engineering, Zhefu Holding Group and Myanmar’s Supreme Trading signed the letter of intent to accelerate the Ayeyarwady project.
Power generation in Myanmar is way behind demand, which is also growing rapidly every year. The energy ministry issued five emergency tenders last June to add 1040MW of new capacity this summer season. The tender process was heavily criticised by industry players and experts.
