IFC to provide $40m finance for Myanmar-based gas turbine project by Sembcorp, MMID

Visual from Sembcorp website

The International Finance Corporation (IFC) is planning to invest $40 million in 225 megawatt combined cycle gas turbine power plant at Mandalay.

The investment will be in form of debt financing for the power plant, which will be built by a consortium of companies including, the Singapore-based Sembcorp Utilities Pte Ltd and MMID Utilities Pte Ltd,  according to the project details stated at the website of IFC.

The project is expected to start in the first quarter of 2016 and will take 22 months for completion. The power plant will be connected to the Myingyan Steel Mill sub-station and planned to start its commercial operation by the first quarter of 2018, the IFC stated.

The 225 MW power plant will include two sets of Gas turbine units, two sets of heat recovery steam generator, one steam turbine generating unit, a switchyard area, cooling water system, demineralized water system and a waste water treatment.

Local companies like Delight Engineering Co Ltd, Shwe Taung, Ah Yone Oo Construction Co Ltd and Myanmar light Co Ltd have submitted a proposal to work as a sub-contractor for the construction of the project, said U Aung Myat Kyaw, secretary of Myanmar Geosciences Society.

He said the proposals by the company were submitted in June.

“The gas used for the power plant will be from the Shwe gas field that is transported to China and is through part of a portion that Myanmar gas as an agreement with China,” he said.

The project facilities will occupy about 11.6 hectares and the project site will be situated within a larger 280-hectare government owned and operated steel mill site.

Also Read: Indonesia Dealbook : META, SN Power, Aboitz mull $376m power plant; Xeikon plans APAC expansion

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.