Ahlone Power Plant

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TOYO THAI POWER MYANMAR CO. LTD. (TTPMC) developed a 121MW Combined Cycle Gas Turbine (CCGT) Power Plant in Ahlone Township, Yangoon, Myanmar on build-own-operate (BOO) basis. The plant’s first gas turbine installation was completed in April 2013 followed by the second gas turbine in July 2013. The construction is expected to be completed in the second half of 2014 with a total investment cost of USD 170 million. In November 2012, the Ministry of Electric Power signed an agreement with TTPMC to build the Ahlone CCGT power plant. There does not appear to be any competitive bidding process to award the project. TTPMC is a 100% subsidiary of TOYO-THAI CORPORATION PUBLIC COMPANY LIMITED (TTCPCL), a publicly listed company in the Thai Stock exchange. Other major shareholders in TTCPCL include Japanese Toyo Engineering Corporation (22.3 %) and Chiyoda Corporation (6%). TTPMC took short terms loans for a period of six months from a commercial bank in the amount of USD 30 million to finance the import of major machines and equipment that was expected to be repaid in the first half of 2014.