US company to invest US$480m in Myanmar power sector

An American company, Convalt Energy, will invest US$480 million in Myanmar’s power sector for 300-megawatt solar facilities in the Mandalay Region.

The plan was announced at a press conference held on October 31 at the Directorate of Investment and Company Administration (DICA) in Yangon.

It will be a Build-Operate-Transfer (BOT) project, according to the press release. The facilities will be set up in Myingyan and Meiktila districts.

The project was permitted by the Myanmar Investment Commission (MIC) on the 20th meeting of the year.

The commission also approved 12 foreign direct investments totaling $1.38 billion during the meeting. The 12 investments will go into two industrial services, two transport and communication services, one livestock and fisheries service, one electric service and one other.

Seven domestic investments totaling $56 million were also approved by the meeting. The domestic investments will go into three industrial services, one hotel and tourism service and three others.

renewable energy