Thailand-based Green Earth Power (GEP) has signed a memorandum of understanding with Myanmar’s Ministry of Electric Power to construct a US$275 million plant.
GEP, majority owned by an undisclosed Hong Kong-based company, claims the “world’s third largest solar plant” will be completed within 18 months and have a capacity of 210MW.
Paul Bernard Yang, president and chairman of GEP, told the Bangkok Post the company is expected to sign a power purchase agreement with the Ministry within the next 90 days.
The plant will be located on a 300 hectare plot in the city of Minbu in the Magway region, near the capital of Nay Pyi Taw.
The plant is expected to be developed in three phases with capacities of 50, 70 and 90MW, respectively. Of the total cost, 70% will come from loans the rest from equity. GEP has said it has held discussions with local and foreign lenders.
Managing director Supasit Skontanarak said GEP is in talks with potential strategic partners including “big names” in Thailand.
Furthermore, Yang said, “We are also in negotiations for a second MoU, [for a plant that] could be in Mandalay or Yangon, and to have capacity of more than 200MW. The second MoU with the Ministry of Electric Power is expected to be finalised this year.”
Currently, only 26% of the country has access to electricity and only 4% of rural areas have access to power.