Southeast Asian conglomerates to pump US$30 million into renewable projects in Myanmar
Only 40 per cent of Myanmar’s rural population has access to grid power. The joint venture by Singapore-listed Yoma Strategic Holdings and the energy platform of Philippine conglomerate Ayala Corporation aims to boost access to electricity.
Two Southeast Asian business conglomerates have teamed up to invest at least US$30 million in renewable energy projects in Myanmar, which has one the region’s lowest rates of access to grid electricity.
Myanmar-focused Yoma Strategic Holdings, which is listed on the Singapore stock exchange, will form a 50:50 joint venture with AC Energy, the energy arm of Ayala Corporation of the Philippines, to drive the growth of Yoma Micro Power.
Together, they want to develop about 200 megawatts (MW) of renewable energy projects in Myanmar, including participation in large utility-scale projects.