VPower Group International Holdings Limited (“VPower Group”, or together with its subsidiaries, the “Group”) is pleased to announce that the Group was issued a Letter of Acceptance by Electric Power Generation Enterprise (“EPGE”), Ministry of Electricity and Energy of the Government of the Republic of the Union of Myanmar (“Myanmar”) which sets out the mutual understandings on key terms for the definitive agreement in respect of the purchase of electricity (90MW) in Myingyan Region, Myanmar by EPGE with a term of 60 months (subject to extension by agreement) (the “Project”) on 7 May 2018. The Group expects to build and operate a gas-fired power plant with an expected commercial date in February 2019.
Mr. Rorce Au-Yeung, Co-Chief Executive Officer of the Group gladly commented, “We were awarded this Project through a public tender in March 2018. Myanmar has been one of our core operating countries in Southeast Asia, where we provide fast-track distributed power solutions to generate reliable and stable electricity to enhance the local electrification rate hence supporting its accelerating economic growth. This Project further evidences our leading position in the local power market.”
Myanmar is a member of the Association of Southeast Asian Nations, as well as a country along the Belt and Road Initiative of China. It is one the fastest growing economies with a GDP growth of 6.4% in 2016/17 and a projected average medium-term growth of 7.1% per year by the World Bank. With less than one-third of population connected to the electrical grid, the government is taking an active expansion plan to boost the power supply to mitigate existing power shortage and laying a foundation to seize upcoming development opportunities. The Group expects Myanmar to become an indispensable economic pillar of the region and is looking forward to making continual contribution with its expertise to power its future.
About VPower Group International Holdings Limited
VPower Group is principally engaged in SI business, in which the Group designs, integrates and sells gas-fired and diesel-fired engine-based gen-sets and PGSs, utilizing proprietary system designs and integration capabilities of the Group; and IBO business, in which the Group invests in, builds and leases and operates distributed power stations to deliver electricity to the region. It is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based DPG station owner and operator.