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記事

2021年8月31日

著者:
Myanmar Now

Myanmar: Hong Kong’s VPower ends involvement in two power projects

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"Hong Kong’s VPower ends involvement in two Myanmar power projects", 31 August 2021

A Hong Kong-listed power generation company has pulled out of two power station projects in Myanmar after facing “challenging times” amid economic turmoil caused by the February 1 coup.

VPower Group said in its half year results last week that it will not be renewing the contracts for two of the nine power stations it has a stake in across the country. It did not say which two projects it was pulling out of or give a specific reason for the decision.  

The latest list of contracts disclosed by VPower no longer names the Kyauk Phyu II project in Rakhine State and Myingyan I project in Mandalay Region, which were previously mentioned in its 2020 annual report

After “political events and social unrest” in February, the company dusted off its contingency plans to protect the safety of its employees and keep its power stations running amid “challenging times,” VPower said.

Although things had become “relatively stable” by late June, the company decided not to renew the contracts “after careful consideration and negotiations with the relevant parties,” it added.

Both power stations are fully owned by VPower and can produce a total of just under 200 megawatts between them. The contracts expired in March and June this year.  

The Ministry of Electricity and Energy did not respond to a request for comment. [...]