(MENAFNEditorial)
Yangon, Myanmar --Media OutReach--February 17th 2014--Myanmar Electric Power Enterprise ('MEPE'), the state owned electricity company of Myanmar, and MAXPOWER (Thaketa) Co. Ltd ("MAXPOWER"), a Myanmar power generating subsidiary of the Navigat Group, today executed a Power Purchase Agreement ("PPA") in relation to the construction and operation of a fifty (50) MW gas-fired power plant located within the Thaketa district of Yangon, Myanmar's largest city. The plant will utilise the efficient and advanced technology of sixteen (16) GE's (General Electric) Jenbacher gas engines. MAXPOWER's has invested US$35MM in the plant which is now fully operational
"Faith is taking the first step without seeing the whole stairway" commented Mr. Sebastiaan Sauren, Chief Operating Officer and Co-Founder of the Navigat Group, when referring to the Navigat Group's business philosophy which goes beyond that of a conventional power company and is "committed and determined to deliver fast, reliable and affordable power to emerging regions, using the latest high efficiency technologies and top quality equipment. With this agreement, MAXPOWER is the first truly foreign power company to enter into a long-term relationship with the Myanmar Ministry of Electric Power. Further, with the completion of this power plant, MAXPOWER will be the only power company with projects in Indonesia, Thailand and Myanmar.
Commenting, Mr. U Htein Lwin, Managing Director of MEPE said: "MAXpower's deep experience in SE Asia and its understanding of the inherent challenges in this project combined with GE's robust technology made it the logical partner for this landmark agreement. We see it as a blueprint for other initiatives to develop the electricity sector across Myanmar.
This commitment is a milestone in the business relationship of MAXPOWER and the Government of Myanmar and opens the door for further power project developments throughout the country. Myanmar has a relatively low ratio of electrification and its successful economic development hinges on the rapid expansion of electricity generating capacity. Increased levels of foreign investment will be critical to this. MAXPOWER addresses a demonstrable pre-existing need in the region, by providing appropriate, flexible and robust technology, generating electricity where it is needed most, to drive economic development with minimal environmental impact.
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