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Signatories to the deal were Tan Cheng Guan, Executive Vice President & Head of Group Business Development & Commercial of Sembcorp Industries, and U Khin Maung Win, CEO of DEPP, in the company's offices in Myanmar. Sembcorp' s signature of the MOU follows the contract for the development and operation of the facility in April this year.
Situated in the Mandalay Division's Myingyan Districts, the Mandalay CHP will be the biggest self-contained natural-gas-fired plant in Myanmar. By using the most effective technology, the system will be able to maximize performance while minimizing emission. Once it is complete, the new system will help to reduce the country's serious electricity shortfall.
Following an MEPE ( "Myanma Electric Power Enterprise") department's bid, the Build-Operate-Transfer program was selected by the MOEP and consulted by the World Bank Group's IFC. While Sembcorp will have an 80% share in this venture, its affiliate MMID Utilities will own the other 20%.
Completion of the PEPE is scheduled for 2018 and will provide MEPE with MOEP as a guarantor for MEPE's PPA commitments under a 22-year-PPA. The Myingyan Energy Corporation, Sembcorp Myingyan Energy Corporation, was established in Myanmar to develop this initiative. Approximately US$ 300 million of the overall capital expenditure is to be financed by a mixture of restricted funding and shareholders' capital.
We expect the first half of 2016 to see the project's annual finance close. 2. The signature of the Memorandum of Understanding is not anticipated to have a significant effect on Sembcorp Industries' net income per common stock and net assets value per common stock for the year ended December 31, 2015. If you have any questions from the press or analysts, please contact
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