The Canadian Press - ONLINE EDITION

US fund inks $480M energy deal in Myanmar that is largest US investment since sanctions lifted

  • Print

YANGON, Myanmar - A U.S investment group has signed a $480 million deal to build two solar energy plants in central Myanmar, one of the largest investments by an American firm since the easing of U.S. sanctions.

The agreement, inked by the ACO Investment Group and the Ministry of Energy, is aimed at helping ease electricity shortages in the country of 60 million, which only recently emerged from a half-century of military rule and self-imposed isolation.

Due to years of neglect, mismanagement and squandered wealth, three-quarters of the population still live without electricity, a situation that is even direr in rural areas. With experts estimating that energy demand could double within the next five years, the government is desperate to find outside funding.

The U.S. Embassy said Thursday the two 150 megawatt solar energy plants in the Mandalay region could account for 10 per cent to 12 per cent of Myanmar's power generation when completed in 2016.

It said the project would create 400 construction jobs in the two Mandalay districts where the plants will be located and 100 permanent jobs.

The investment will be the largest by a U.S company in Myanmar following the U.S. government's decision to suspend investment sanctions on the country after its democratic reforms in 2012.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Winnipeg Jet goalie Michael Hutchinson

View more like this

Photo Store Gallery

  • MIKE DEAL / WINNIPEG FREE PRESS 060711 Chris Pedersen breeds Monarch butterflies in his back yard in East Selkirk watching as it transforms from the Larva or caterpillar through the Chrysalis stage to an adult Monarch. Here an adult Monarch within an hour of it emerging from the Chrysalis which can be seen underneath it.
  • JOE.BRYKSA@FREEPRESS.MB.CA Local-(Standup photo)- Humming Around- A female ruby -throated hummingbird fly's through the bee bomb  flowers Friday at the Assiniboine Park English Garden- Nectar from flowers are their main source of food. Hummingbirds wings can beat as fast as 75x times second. Better get a glimpse of them soon the birds fly far south for the winter - from Mexico to South America- JOE BRYKSA/WINNIPEG FREE PRESS- Sept 10, 2009

View More Gallery Photos

Poll

Should the federal government be able to censor how Ottawa is portrayed in the CMHR?

View Results

Ads by Google