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SEMBCORP Industries has made its foray into Myanmar's power market.
On Friday, its wholly owned subsidiary, Sembcorp Utilities, received the notice of award to develop and operate a 225-megawatt gas-fired power plant in central Myanmar by the Myanmar Electric Power Enterprise (MEPE), a division under the Ministry of Electric Power of Myanmar.
The US$300 million power plant, located in the Myingyan district of Mandalay division, is set to be the largest gas-fired independent power plant in Myanmar.
The plant is expected to be completed in 2017 and will supply power to MEPE under a 22-year power-purchase agreement. Sembcorp will have at least an 80 per cent stake in the project.
The build-operate-transfer project was awarded after an international bidding process called by MEPE, and was advised by the World Bank's International Finance Corporation.
Sembcorp Industries' CEO Tang Kin Fei said the investment enables Sembcorp to establish "an important beachhead" in Myanmar, and also offers the company a foothold to potentially develop other businesses in the country, such as water and urban development.
He added that the project is in line with Sembcorp's focus to expand its global business and grow its overseas utilities contribution.