US-based ACO Investment Group and the Burma Ministry of Electric Power have inked an agreement to develop $480m solar energy project in Myanmar.
The 300MW solar project will house two 150MW solar energy facilities.
Expected to be completed in 2016, the plants will account for 10% to 12% of Myanmar’s electricity generation in Myanmar.
Convalt Energy, the portfolio firm of ACO Investment, will manage the project, which will supply power to Burma’s national grid.
US Trade Representative Michael Froman said: "Efforts like these support the ambitious definition of development that is at the heart of President Obama’s trade agenda.
"By promoting trade and investment, we are unlocking even more opportunities for workers and businesses in both countries that promote not only higher incomes at home and around the world, but also driving sustainable development. We’re doing this because we know that trade works best when its benefits are broadly shared."
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By GlobalDataThe Office of the US Trade Representative (USTR) said Burma is dependent on hydropower, which reduces in production during the dry season, when solar sources are at their peak.
USTR said communities in the Mandalay region will benefit from the project’s investments and it will boost the city’s manufacturing potential as well as resources and help provide power to develop the Myotha Industrial Zone, which is situated within 15 miles of one of the power plants.
