Yangon – Two Singaporean companies will invest in a power generation business on the BOT (Build-Operate-Transfer) system in Thaketa Township in Yangon.
The two companies, Max-power (Thaketa) and Myanmar Power, will produce up to 50 megawatts and sell the generated electricity to the Ministry of Electric Power, which will in turn redistribute the electricity to the public.
This venture will be a hundred percent foreign-owned and has received the permit from Myanmar Investment Commission (MIC) since mid-June.
In addition to these two companies, two other Singaporean companies—UPP Holding and UPP Greentech—are operating under the name of UPP Power (Myanmar) and producing electricity inside the Ywama Power Plant’s compound, according to the Ministry of Electric Power.
According to the company’s announcement, UPP Holdings signed a Memorandum of Understanding (MOU) with the Ministry of Electric Power in October 2012 to build a 50 megawatt power plant at the Ywama Power Plant on the BOT system.