Myingyan Gas-Fired Power Plant

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The project consists of the development, construction, and operation of the greenfield Myingyan 225MW combined-cycle gas turbine (CCGT) power plant in the Mandalay region of Myanmar. Sembcorp Myingyan Power Company was selected as the independent power producer (IPP) following an international tender conducted by Myanmar Electric Power Enterprise (MEPE), which is now the Electric Power Generation Enterprise (EPGE). The project company signed a build, operate and transfer agreement with the Ministry of Electricity and Energy of Myanmar (MOEE) in January 2017. Sembcorp Myingyan Power Company is owned by SDCI (Myanmar) Company, a wholly owned subsidiary of Sembcorp Design and Construction (SDC), and Jurong Engineering (Myanmar). The Singapore-based utility will transfer the Myingyan plant to the the Myanmar government after 22 years. The total project cost of Myingyan is around $300 million, which will be funded by the International Finance Corporation (IFC), the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) as well as international commercial lenders such as Clifford Capital, DBS Bank, DZ Bank, and Overseas-Chinese Banking Corporation.The Asian Infrastructure Investment Bank (AIIB) will provide a $20 million loan and the World Bank’s IFC will provide a $57 million senior loan for the project, but will share a portion of it with the AIIB. The debt and equity political risk coverage is provided by the Multilateral Investment Guarantee Agency (MIGA) and ADB. Miga Guarantee was removed by Seong as it was still pending. http://www.allenovery.com/news/en-gb/articles/Pages/Allen-Overy-advises-on-the-first-competitively-awarded-independent-power-project-(IPP)-to-be-developed-in-Myanmar.aspx https://ijglobal.com/data/transaction/30440/myingyan-gas-fired-power-plant-225mw-ipp https://www.adb.org/projects/48368-001/main#project-pds https://www.aiib.org/en/projects/approved/2016/myingyan-power-plant.html