The United Overseas Bank has announced a financing agreement with Singapore-based company Royal GK to finance a new power plant in Myanmar.
The gas-fired electricity power plant is located in Hlawga, Yangon, and Royal GK was contracted by the Myanmar Central Power Co. to produce gas engines for its construction.
The power plant is set to be completed in June this year, and once fully functioning, is expected to produce 75,000 MWh of electricity per year, and will go some way towards helping to meet Myanmar’s rising demand for energy.
Currently, only a quarter of Myanmar’s 51 million strong population has access to electricity. The new plant will not only provide more power to the country, but will create new jobs too.