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February 29, 2020

Hong Kong firm to sell power after building power plants in Kyaukpyu

By Nyein Nyein

A Hong Kong-based company, which is among the top investors in the electricity sector in Myanmar in the current financial year, will generate and sell power to consumers locally after building power plant in Kyaukpyu, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
“This company is a Hong Kong-based company operating with 100-per cent foreign direct investment, and it is supplying electricity in Myanmar,” said U Thant Sin Lwin.
Hong Kong-listed CNTIC Vpower KY3 Limited Company will invest US$140.47 million for the generation of 150MW of electricity from LNG. It will supply and sell electricity on an IPP (BOT) basis in Kyaukphyu Township of Rakhine State.
The project will generate 658.8 million kilowatt-hours of power which would be supplied and sold to consumers locally, he added.
Moreover, 20 per cent of the output will be distributed to residents of Rakhine State, while the remaining 80 per cent will go to the national grid.
This is the fourth time the Vpower Company is investing in the power sector. It had earlier invested $65 million for running a 90MW gas engine power plant on 8 acres of land owned by the Ministry of Electricity and Energy and located at Sagar Village, Taungtha Township, Mandalay Region.
It also implemented a 145.49-MW gas engine power plant in Kyaukse Township, and supplied and sold the power in cooperation with a joint venture company.
Vpower Company also invested $363 million for generating 400MW of electricity from LNG, and supplied and sold power on an IPP (BOT) basis in Thakayta Township in Yangon Region. (Translated by Hay Mar)

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