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US business plans solar in Myanmar

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  • Writer: Reuters
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WASHINGTON - US investors will help finance a US$480 million (15.3 billion baht) solar power project in Myanmar's northeastern Mandalay region, which will ultimately provide up to 12% of the country's power generation, the US Trade Representative and an investment manager said on Thursday. 

Under an agreement between US-based ACO Investment Group and the Ministry of Electric Power, two 150-megawatt solar plants are due to be built by 2016, most likely in the Myingyan and Meiktila districts.

ACO Investment managing director Hari Achuthan said the group had secured interest from institutional investors in the equity component of the deal, worth about $150 million. It was in talks with development finance institutions about debt to cover the balance, he told reporters.

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