Yoma, energy unit of Ayala Corp to tap renewables in Myanmar

Singapore

MYANMAR-FOCUSED Yoma Strategic Holdings will form a strategic partnership with AC Energy, the energy platform of Philippine conglomerate Ayala Corp, to establish an equal joint venture (JV) to scale up Yoma Micro Power (YMP) and to explore developing some 200 megawatts of additional renewable energy projects within Myanmar. This includes participating in large utility-scale renewable projects.

As part of this transaction, Yoma and AC Energy have signed a binding term sheet for the venture to invest at least US$30 million in YMP, Yoma said in a statement on Monday said.