Myanmar’s Union Minister for Ministry of Electricity and Energy and Union Minister for Ministry of Commerce attended the signing ceremony
VPower Group International Holdings Limited (“VPower Group” or the “Group”, stock code: 1608.HK), a leading DPG station owner and operator in Southeast Asia, is pleased to announce that the Group and Electric Power Generation Enterprise, Ministry of Electricity and Energy of the Government of Myanmar entered into the power purchase agreement for the purchase of electricity and power generation of a 90MW gas engine power plant in Myingyan, Myanmar (the “Project”) with a term of 60 months from the commercial operation date (which may be extended by agreement) today. The Group plans to build the power plant with an installed capacity of 109.7MW and expects that the Project will commence commercial operation in February 2019. It will be the first time for the Group to install Organic Rankine Cycle (“ORC”) system for residual heat to power conversion for the Project, with an aim to enhance the energy efficiency and reduce energy cost.
The contract signing ceremony was held today in Nay Pyi Taw, Myanmar. The Group is honored to have His Excellency U Win Khaing, Union Minister for Ministry of Electricity and Energy of Myanmar (“MoEE”), His Excellency Dr Than Myint, Union Minister for Ministry of Commerce of Myanmar, representatives from Hong Kong Trade Development Council and other distinguishable guests attending the ceremony. Speaking at the ceremony, His Excellency U Win Khaing said, “As the electricity demand of Myanmar is increasing very fast, MoEE has laid down its policy to fulfil the electricity demand of the country by implementing medium-term and long-term plans.” “VPower Group has been helping Myanmar in its power needs since 2015. We are looking forward to future cooperation with VPower Group.” He added.
Mr. Rorce Au-Yeung, Co-Chief Executive Officer of the Group commented, “We are excited to sign the agreement with the Myanmar government for our fourth IBO project in Myanmar. It is always delightful to make our contribution and support the development of Myanmar, a fast-growing country along the Belt and Road Initiative of China, by supplying reliable and stable electricity and offering employment opportunities. As a leading DPG solution provider, we are committed to advancing our power solutions and exploring new technologies in pursuit of higher energy efficiency and lower carbon emission. Applying ORC technology in our solution for the Myingyan II project represents a new page in our technological advancement. We look forward to providing more advanced and environmentally-friendly solutions for our customers.”
About VPower Group International Holdings Limited
Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation (DPG). It is principally engaged in the power system integration (SI) business, in which the Group designs, integrates and sells gas-fired and diesel-fired engine-based gen-sets and power generation systems and Investment, Building and Operating (IBO) business, in which the Group invests in, builds, leases and operates distributed power stations to supply reliable electricity. It is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based distributed power generation station owner and operator.