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December 13, 2019

Hong Kong firm to invest $500 mln in power generation, supply in Yangon, Kyaukpyu

CNTIC Vpower Company will invest $140.47 million in the generation of 150 MW of electricity from LNG in Kyaukpyu. Photo; Supplied
CNTIC Vpower Company will invest $140.47 million in the generation of 150 MW of electricity from LNG in Kyaukpyu. Photo; Supplied

A Hong Kong-based company will invest US$500 million to execute electricity generation, supply, and sale projects in Yangon and Kyaukpyu cities, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
Hong Kong-listed CNTIC Vpower Company will invest $363.070 million in the generation of electricity from LNG, and supply and sale of electricity on IPP (BOO) basis at the Thakayta power plant in Yangon Region.
Additionally, the company will invest $140.47 million in the generation of 150 MW of electricity from LNG, and supply and sale of electricity on IPP (BOO) basis in Kyaukpyu Township in Rakhine State.
The company has not set the period for starting operations, but it plans to begin as soon as possible, said U Thant Sin Lwin.
At an MIC meeting, the company committed to providing power supply at the soonest, he said.
Hong Kong topped in the list of investors in the first two months of the current financial year, pumping in over $1 billion in real estate development, electricity, and garment businesses, according to data from the DICA.
The total foreign direct investment stood at $1.39 billion as of 29 November in the current financial year. — Nyein Nyein (Translated by Ei Myat Mon)

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