An agreement to build Myanmar's first solar energy project at an estimated cost of about US$480 million has been signed by United-States based ACO Investment Group and the Ministry of Electric Power, US Trade Representative Michael Froman said in a statement.
The agreement, signed in Nay Pyi Taw on August 28, paves the way for developing two 150 megawatt solar energy plants in Mandalay Region and when completed in 2016 the project is expected to provide between 10 percent and 12 percent of the country's power needs, the statement said.
The project will be managed by ACO Investment Group subsidiary Convalt Energy, the statement said, and was one of the largest investments by a US company in Myanmar since sanctions were eased.
"ACO expects the project will create a total of 480 jobs in Myingyan and Meiktila districts, where the two 150MW plants are expected to be located, along with an additional 100 permanent jobs," it said.
US content will comprise about 20 percent of the value of the project.
Communities in Mandalay Region will also benefit from the project's investment in infrastructure and training, the statement said.
"The project will boost the city's manufacturing potential and resources and help to provide power to develop the Myotha Industrial Zone, which is within 15 miles of one of the power plants," it said.
"By promoting trade and investment, were are unlocking even more opportunities for workers and businesses in both countries that promote not only higher incomes at home and around the world, but are also driving sustainable development," Mr Froman said at the signing ceremony.
