ACO to develop 300 MW of solar projects in Myanmar

Aug 28, 2014 - US alternative investment manager ACO Investment Group has agreed with the government of Myanmar to build two 150-MW solar plants worth a total of USD 480 million (EUR 363m) in the Southeast Asian nation.

The Office of the US Trade Representative announced the move in a press release today, saying that the two solar parks will be contributing 10% to 12% of Myanmar’s total electricity generation once completed in 2016. The goal is to stabilise Burma’s power supply because it currently relies mainly on hydroelectric plants, the output of which is down during the dry season.

The two solar plants will be located in the Myingyan and Meiktila districts within the country’s central Mandalay region, which has not had any solar capacity to date. The US fund expects the two projects to create 400 construction jobs in the two districts plus an additional 100 permanent positions.

ACO will manage the project through its portfolio company Convalt Energy LLC. The latter focuses on solar and onshore wind development and investment. It is also engaged in the hydropower, waste-to-energy and gas-fired thermal power areas.

(USD 1.0 = EUR 0.757)

Choose your newsletter by Renewables Now. Join for free!