The Asian Infrastructure Investment Bank (AIIB) recently approved a US$20 million loan to finance a 225 MW Combined Cycle Gas Turbine Power Plant Project in Myingyan, Myanmar, co-financed with other Multilateral Development Banks and commercial banks according to AIIB’s press release. The power plant will be the largest Gas-Fired Independent Power Producer (IPP) in Myanmar and it aims to helps pacify the country’s demand for energy. It is co-financed with other Multilateral Development Banks and commercial banks. The project is co-financed with US$58 million from the International Finance Corporation (IFC) and likely a US$42.2 million from the Asian Development Bank (ADB) (unconfirmed).
According to Global Trade Report (GTR), the plant will be constructed by Singapore’s Sembcorp Industries, following the first international tendering process in energy sector in Myanmar.