YANGON, MYANMAR--(Marketwired - Feb 17, 2014) - Myanmar Electric Power Enterprise ('MEPE'), the state owned electricity company of Myanmar, and MAXPOWER (Thaketa) Co. Ltd ("MAXPOWER"), a Myanmar power generating subsidiary of the Navigat Group, today executed a Power Purchase Agreement ("PPA") in relation to the construction and operation of a fifty (50) MW gas-fired power plant located within the Thaketa district of Yangon, Myanmar's largest city. The plant will utilise the efficient and advanced technology of sixteen (16) GE's (General Electric) Jenbacher gas engines. MAXPOWER's has invested US$35MM in the plant which is now fully operational.
"Faith is taking the first step without seeing the whole stairway" commented Mr. Sebastiaan Sauren, Chief Operating Officer and Co-Founder of the Navigat Group, when referring to the Navigat Group's business philosophy which goes beyond that of a conventional power company and is "committed and determined to deliver fast, reliable and affordable power to emerging regions, using the latest high efficiency technologies and top quality equipment. With this agreement, MAXPOWER is the first truly foreign power company to enter into a long-term relationship with the Myanmar Ministry of Electric Power. Further, with the completion of this power plant, MAXPOWER will be the only power company with projects in Indonesia, Thailand and Myanmar."
Commenting, Mr. U Htein Lwin, Managing Director of MEPE said: "MAXpower's deep experience in SE Asia and its understanding of the inherent challenges in this project combined with GE's robust technology made it the logical partner for this landmark agreement. We see it as a blueprint for other initiatives to develop the electricity sector across Myanmar."
This commitment is a milestone in the business relationship of MAXPOWER and the Government of Myanmar and opens the door for further power project developments throughout the country. Myanmar has a relatively low ratio of electrification and its successful economic development hinges on the rapid expansion of electricity generating capacity. Increased levels of foreign investment will be critical to this. MAXPOWER addresses a demonstrable pre-existing need in the region, by providing appropriate, flexible and robust technology, generating electricity where it is needed most, to drive economic development with minimal environmental impact.
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About MAXPOWER
MAXPOWER is the "Power Generation" business unit of the Navigat Group with the other business unit being Navigat Energy an authorized Sales and Service provider for GE's Jenbacher gas engines product line from Austria in Thailand, Indonesia, and Singapore. The Navigat Group is positioned as the only truly integrated distributed power project developer in South East Asia with the ability to exploit energy investment opportunities throughout the value chain from equipment sales, to services, spare parts, operation and maintenance, construction and project development to overall asset management and ownership. The Navigat Group was established in 2003 and is currently employing a team of 650+ fulltime professionals in Indonesia, Thailand, Singapore, Myanmar and the Middle East.
MAXPOWER's core business is developing competitive gas-to-power-solutions within the South East Asian segment, with a particular focus on the significant regions of Indonesia and Myanmar. MAXPOWER was established in 2008 and is now one of the segment leaders in Indonesia for small to medium sized gas to power projects. MAXPOWER's Management Team and the Navigat Group Shareholders are particularly proud of MAXPOWER's ability to cater to specific customer needs and maximise in-house capabilities to construct Power Plants in the 10 to 100 MW range within a three (3) to six (6) month period.
For more information: please visit the MAXPOWER website at www.maxpowergroup.com or the Navigat Group website at www.navigat.com
Contact Information:
Contacts:
Sebastiaan Sauren
COO
Arno Hendriks
CFO