In investment updates, US-based Convalt Energy has received state approval to invest in solar power development while the country will see two new Hilton brand hotels coming up by 2018.
US Convalt Energy gets nod to invest $480m
Convalt Energy Myanmar Co Ltd will start construction of the two 150 MW solar power plants in Mandalay region. In Asia, Convalt is also developing a 500 MW wind power project in Tamil Nadu, India. They have also signed an MoU with government of Karnataka, India to develop a 2000 MW solar power and a 1000 MW hydro power project.
Two Hilton hotels coming up
One of the two hotels will be located in Bagan, Mandalay Region, a historical place with over 2000 pagodas and temples. The other property will be located in in Inle in Shan State.
The 150 to 200-room hotels are expected to open as early as 2018, according to The Nikkei.
The partnership between Hilton and Eden Group covers setting up of five projects. Hilton brand hotels are present in Nay Pyi Taw and Ngapali beach in Rakhine State.
Back in 2013, Hilton signed a deal with Thailand’s LP Holdings for building Hilton Yangon at Center Point Tower, which is yet to be completed.