IFC to finance $40m Myanmar-based gas turbine project

09 October 2015
IFC to finance $40m Myanmar-based gas turbine project
Myanmar is desperate for electrical power - Seen here is the first coal-fired station in the country. Photo: China National Heavy Machinery Corporation

The International Finance Corporation (IFC) is planning to invest $40 million in a 225 megawatt combined cycle gas turbine power plant at Mandalay according to the dealstreetasia website on 8 October.
The investment will be in the form of debt financing for the power plant, which will be built by a consortium of companies including, the Singapore-based Sembcorp Utilities Pte Ltd and MMID Utilities Pte Ltd, according to the project details stated on theIFCthe website.
The project is expected to start in the first quarter of 2016 and will take 22 months for completion. The power plant will be connected to the Myingyan Steel Mill sub-station and is planned to start its commercial operation by the first quarter of 2018, the IFC stated.