Myanmar will see a boost in power from a solar project which will contribute to 12 % of the country’s power generation when operational.
American private equity fund ACO Investment Group would develop two 150 (MW) solar energy plants of investment of US$480 million near Mandalay. Under the agreement with the Ministry of Electric Power, the plants, slated for in Myingyan and Meiktila,
These projects will create about 400 construction jobs and 100 permanent positions.
MOU for the project was signed way back in February 2013. With an initial projection of 1000(MW) with an investment estimated between $1.5 billion to $2 billion but eventually scaled back after feasibility studies.
Most of Myanmar, is primarily dependent on hydropower but during the hot season, power supply can be minimum with regular blackouts.
The $480 million gives a considerable boost to US investment in Myanmar. So far US companies have committed about $612 million to the country since July 2012.