70% of Myanmar’s total population and 84% of the rural population do not have access to electricity. It is a daunting task for the government of Myanmar to achieve the goal of 100% electrification by 2030 that it had set for itself. By different estimates, $30 to $40 billion dollars of capital will be needed to accomplish this goal. While World Bank has provided a loan of $400 million to the government of Myanmar, a lot of other foreign direct investments will be required. However, the regulations and policies are not in place yet for encouraging private investments in electricity distribution.
Like the boy trying to save the stranded starfish on the beach, we are biased for action at Yoma Micro Power. We are fortunate to have investors who are similarly biased to act instead of the wait-and-see attitude we see in some sectors. While there are many hurdles to overcome and the sheer numbers can be overwhelming, we have started our initiative to bring clean and affordable electricity to Myanmar villages, one village at a time. We know that we make a difference to each household, each village we electrify.
– Alakesh Chetia, CEO & Founder of Yoma Micro Power