Japanese Duo Buys Stake in Myanmar CCGT

Japan’s Chugoku Electric Power and Shikoku Electric Power have agreed to purchase stake in a natural gas-fired power generation business in Yangon district in Myanmar, they said May 16.

The two Japanese companies will buy 28.5% equity each in the Ahlone power plant from a unit of Toyo Thai Power Myanmar. The companies did not provide details about the value of the deal. This is the duo’s first participation in the power generation business in Myanmar.

The 121 MW combined cycle power plant is operating in Yangon and has a long-term power purchase agreement with Myanmar’s Electric Power Generation Enterprise.

“As the domestic electric power business environment is becoming increasingly competitive, we have positioned our overseas business as one of our company’s growth areas. By utilising the knowledge and experience of the electric power business that we have accumulated so far, we will continue to participate in new overseas projects and work to improve our profitability,” the companies said in a joint statement.