Sembcorp Industries (Sembcorp) announced that its 225-megawatt gasfired Sembcorp Myingyan Independent Power Plant (IPP) in Mandalay has commenced full commercial operation after its first phase operation in May this year.
The approximately $300 million power plant utilizes advanced combined-cycle gas turbine technology that maximizes power output while minimizing emissions in line with the sustainability commitment to reduce carbon emission intensity by close to 25% by 2022. The facility will generate around 1,500 gigawatt hours of power for supply to Myanmar’s Electric Power Generation Enterprise (EPGE) which help to meet the power needs of around 5.3 million people.
Neil McGregor, Group President & CEO of Sembcorp said, “Sembcorp is honored to invest in Myanmar’s future and to help support its economic development through the provision of critical infrastructure. As an established name in energy, urban and marine solutions in Asia and beyond, we have worked with our partners and brought to this project our proven expertise in gas and power and our international track record in delivery.
” Sembcorp Myingyan IPP will serve Myanmar for decades to come, providing power to support the country’s continued development and thereby enhancing living standards there.
Dennis Foo, Managing Director of Sembcorp Myingyan Power Company said, “Our Sembcorp Myingyan IPP was completed with an uncompromising focus on health, safety, security and the environment. To date, the project has achieved over 8.7 million safe man-hours without any lost time injury, reflecting our commitment to support Myanmar’s development in a responsible and sustainable manner.” The project’s completion follows the signing of a long-term power purchase agreement as well as a build-operatetransfer agreement with Myanmar’s Ministry of Electricity and Energy. Under these agreements, Sembcorp Myingyan Power Company will build and operate the power plant for 22 years after which the facility will be transferred to the Myanmar government. Asian Development Bank, DZ Bank, International Finance Corporation and Oversea-Chinese Banking Corporation supported Sembcorp in funding of this project.
The completion of Sembcorp Myingyan IPP will not have any material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending December 31, 2018.