Thailand-based Toyo-Thai Corp is in talks to invest $2.7 billion in a 1,280-megawatt coal-fired power plant in Myanmar’s southeastern Mon state.
The engineering procurement and construction contractor expects to finalise the deal in the third quarter, said vice president and chief operating officer Surattana Trinratana, according to Thai media reports.
The work on the plant will start as soon as possible after the Myanmar government approves the project, he said.
The company recently signed a deal for a project loan worth $100 million from the Export-Import Bank of Thailand to develop a 120MW combined-cycle gas-turbine project in Ahlone township, Yangon. This project is under a 30-year concession from the Myanmar government.
The Ahlone project’s construction began in 2012 on a total investment of $170 million. Partially completed with a capacity of 80MW, this project is already providing electricity to the township and is expected to contribute $10 million in revenue to Toyo-Thai Power this year. The remaining 40MW capacity will come online next year.
Toyo-Thai Corp is a joint venture between Japanese firm Toyo Engineering Corp and Thailand’s largest construction company, Italian-Thai Development.