Yoma Strategic and AC Energy to co-develop 200MW of renewables in Myanmar

The two made a joint investment of $30m in line with the development.

Yoma Strategic Holdings (Yoma Strategic) has formed a partnership with AC Energy (AC Energy), the energy platform of Philippine conglomerate Ayala Corporation with a $30m joint venture investment, the company announced.

The partnership, which is a 50:50 Joint Venture (JV) will explore Myanmar’s underserved renewable energy market.

The country has one of the lowest electrification rates in Asia, with more than 60% of the population not having access to grid electricity.

The World Bank estimates that the country’s electricity consumption will grow at an average annual rate of 11% until 2030 to achieve complete electrification in all households with an expected investment of around $2.7b per year.

The JV will develop large utility scale renewable projects within the country and looks to explore around 200 megawatts (MW) of renewable energy projects in Myanmar.