About Sembcorp Myingyan IPP
A Landmark Transaction in Myanmar
The Sembcorp Myingyan IPP is Myanmar's first internationally and competitive tendered power project, which not only resulted in a competitive and sustainable tariff for the government, but also established from scratch a precedent for other IPPs in the country to follow.
The project received support from multilateral development lenders Asian Development Bank, the International Finance Corporation, and the Asian Infrastructure Investment Bank. Other financiers included Clifford Capital, DBS Bank, DZ Bank and the Oversea-Chinese Banking Corporation.
Other firms which provided advisory services included Allen & Gledhill (legal advisor), Mayer Brown (legal advisor), KPMG (model tax and audit advisor), Environ Myanmar (Environment and social advisor), OWL Energy (technical advisor) and Worley Parsons (technical).
The project is testament to the continuing rise of regional sponsors and their financiers, and their ability to mobilise its complete infrastructure financing ecosystem to support infrastructure growth in the region.
In recognition of its importance in the industry, the project was awarded Project Finance International's Asia Pacific Power Deal of the Year in 2017, the International Financial Law Reform Asia Awards 2018 Project Finance Deal of the Year and Public Private Partnership's 2018 Partnerships Bulletin Special Award.
Myanmar's most efficient power plant and one of the largest CCGT facilities in the country
With a contracted capacity of 225 megawatts, the plant is one of the largest combined-cycle gas turbine plants in Myanmar. It is also the country's most efficient power plant, featuring advanced technology to maximise power output and minimise greenhouse gas emissions. The project began operations in October 2018 and will generate around 1,500 gigawatt hours of electricity per year. This will help to meet the power needs of approximately 5.3 million people.
The first facility in Myanmar to integrate thermal and renewable power generation
Unusual for a power plant, Sembcorp Myingyan also has solar panels integrated into its premises. 106 kilowatt peak of solar panels have been installed on the rooftop of the plant's administrative building and warehouse, with potentially more to come. With this, Sembcorp Myingyan has become Myanmar's first power plant to integrate both gas-fired and solar power generation.
The solar panels will generate renewable electricity for onsite use, enhancing environmental sustainability of the facility. Having solar power will also mean the plant will need less of the power generated by its gas turbines to run its own operations, thereby maximising the power that Sembcorp Myingyan can export to the grid.