First Foreign Investment in Electricity Sector for This Fiscal Year
Myanmar received their first foreign investment in the electricity sector in this six-month transitional Fiscal Year, according to the Directorate of Investment and Companies Administration.
DICA approved China-Myanmar joint venture PowerGen Kyaukse Company, which will build a gas turbine with the capacity of 150 MW in Sint Gaing Township, Kyaukse District, Mandalay Regoin, using $92 million worth of investments.
“It’s a joint-venture, but the local share is more than foreign share. The ratio is 91 percent to 9. The proposal said the electricity will be sold in the summer of 2019,’’ U Lin Htut, Director of DICA, said.
This is the first foreign investment into the electricity sector from April to September 7th of this year. Moreover, DICA also approved the first local investment in the electricity sector which will build multiple power stations, they will use K9 billion in funds.
So far, DICA has approved 75 foreign investments accounting for $889 million and investment extension worth $1.4 billion from April to September 6th of this year.
Photo: The Irrawaddy
Source: Myanmar Business Today