May 26, 2013

Green Earth Power seeks parners for 210-MW solar park in Myanmar

Thailand's Green Earth Power (GEP) is looking for joint venture partners for its 210-MW solar plant in Myanmar, the first of its kind in the country, the Bangkok Post wrote on Saturday.

The company's managing director Supasit Skontanarak was quoted as saying that GEP is holding negotiations with potential investors for the project, valued at almost THB 9 billion (USD 304m/EUR 232m). The company is willing to find partners that have solid financial position and expertise that will enhance GEP's operations, Skontanarak added.

GEP has on Thursday entered a memorandum of understanding (MOU) for the project with Myanmar's electric ministry. Construction of the solar farm will be launched as soon as the developer signs a power purchase agreement (PPA) for its output, expected to occur within a three-month period. Building works will last 18 months, with the facility to be constructed in three separate phases of 50 MW, 70 MW and 90 MW, respectively.

GEP will finance some 70% of the project via credit facilities, while the remaining part will be funded through equity. The company might also float on the Thai bourse in order to raise additional proceeds. In addition, GEP intends to allocate a portion of the possible proceeds to build a 300-MW solar park in Myanmar, as well as projects in other Asian countries, including Thailand.

Source: Green Earth