POSCO Daewoo secures power plant deal in Myanmar

Myanmar’s Electric Power Generation Enterprise has awarded to South-Korean Posco Daewoo the contract for developing a natural gas-fired power plant in Myanmar.

The company plans to sign a power purchase agreement (PPA) with Myanmar Electric Power Enterprise before the year's ending in order to develop a 70 MW gas-fired power plant in Shwetaung, northwest of largest city Yangon

The new facility is expected to provide electricity to households, industrial plants and Myanmar’s nationwide transmission network for the next 20 years. 

The plant is scheduled to reach commercial operation by 2019.

According to sources, POSCO Daewoo spokesman said:

"We competed hard with foreign players to win the latest deal. We were rated highly for our presence in Myanmar since 1985. The ability to raise funds and provide a comprehensive utility system also helped us secure this landmark deal."