Sembcorp signs deal to supply power to Myanmar for 22 years

The power to be supplied will be produced by Sembcorp’s upcoming power project in Myingyan, Mandalay.

SINGAPORE: Sembcorp Industries (Sembcorp) has signed a long-term power purchase agreement with Myanma Electric Power Enterprise (MEPE) to supply 225 megawatts of power over 22 years.

The power to be supplied will be produced by Sembcorp’s upcoming power project in Myingyan, Mandalay, the mainboard-listed firm said in a stock exchange filing on Wednesday (Mar 30).

The purchase agreement comes under Myanmar’s Ministry of Electric Power (MOEP) of the build-own-transfer arrangement for the project, under which the ministry will provide all support for the project’s implementation and guarantees MEPE’s payment obligations.

The signing of the agreement is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp for the current financial year.

“We look forward to working closely with MEPE and MOEP to help meet the growing demand for power here, thereby supporting Myanmar’s continued development and contributing to an enhanced quality of life for its people. We also hope to support the country through capacity building in the power sector,” said Mr Dennis Foo, General Manager of Sembcorp Myingyan Power Company

Source:  Channel News Asia

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