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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.