France's Voltalia to pull out of Myanmar due to unrest

French renewables company Voltalia SA (EPA:VLTSA) today announced its decision withdraw from Myanmar, where it ensures power supply to local telecom towers, due to the political and humanitarian unrest in the country.

The French firm has been operating in Myanmar since 2018 when it won a contract to deliver power to 171 telecom towers through thermal generators and solar photovoltaic (PV) arrays. Currently, it supplies electricity to 156 towers located in remote off-grid areas in the regions of Bago and Irrawaddy.

Voltalia's decision comes in the wake of a deadly crackdown on protesters who had taken to the streets after the military invalidated election results claiming fraud and staged a coup on February 1. A year-long state of emergency has seen been declared.

The French firm has taken steps to cease its operations in the country and is following the situation to ensure the safety of its 43 employees, it said.

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