Myanmar Digest: US Convalt to invest $480m; Two Hilton hotels coming up

Photo: Convalt Energy.

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

New York-based Convalt Energy, a portfolio company of ACO Investment Group has received approval from the Myanmar Investment Commission for a $480 million investment to set up two solar power plants.

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

Myanmar conglomerate, Eden Group, has partnered with US-based hotel operator, Hilton Worldwide Holdings to set up two hospitality properties in the country at an investment of $130 million.

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.

Also Read:

US Quasar Resources looks to invest up to $400 m in Myanmar power sector

Hilton debuts in Myanmar with Nay Pyi Taw Hotel

China’s HNA Group to buy 25% stake in Hilton

 

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. 
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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.