US backs 300MW Myanmar solar
The US government said it helped broker a deal to develop 300MW of solar capacity in Myanmar involving New York-based ACO Investment Group.
An agreement between ACO and the Myanmar government aims to see two 150MW projects built in the country’s Mandalay region at a cost of $480m, said a statement from the Office of the US Trade Representative (OUSTR).
The plants are due to be completed in 2016. No details were given of the technology to be used at the projects, but the statement said US export content will make up about 20% of its value.
The project will be managed by ACO’s clean-energy portfolio company Convalt Energy.
The solar plants would account for between 10% and 12% of power output in Myanmar, formerly known as Burma, it is claimed.
According to OUSTR, the agreement is “the result of extensive advocacy by senior officials in both the US Departments of State and Commerce”.
It said it represents one of the biggest US investments in Myanmar since trade sanctions were eased in 2013.