Local conglomerate IGE Company plans to sign a joint venture with Hydrochina Corporation to build a 1200 megawatt hydropower project on the Thanlwin River. The Naungpha hydropower project will eventually distribute 90% of the electricity to China while Myanmar will only receive 10%, over which it will have to buy elec
Local conglomerate IGE Company plans to sign a joint venture with Hydrochina Corporation to build a 1200 megawatt hydropower project on the Thanlwin River.
The Naungpha hydropower project will eventually distribute 90% of the electricity to China while Myanmar will only receive 10%, over which it will have to buy electricity back at the same rate as it is sold to China.
IGE or the International Group of Entrepreneurs, is a business empire run by the family of former general and Lower House MP Aung Thaung that deals in oil, gas, mining, hotels and timber and is well connected with the former military junta.
The government has a 15% stake in the Naungpha hydropower project while Hydrochina Corporation and IGE will receive 85%. Hydrochina Corporation will be the main stakeholder in the project as IGE will only receive 3% of their combined share.
IGE and Hydrochina Corporation are also planning to implement 225 megawatt Mantaung hydropower project on Namtma River. The contract from this project will be signed together with the contract for the Naungpha hydropower project.
IGE has been allowed to operate 4 hydropower projects with the total capacity of 1200 megawatt on the Nawchankha River, which flows into Maykha River in Kachin State. They operate the projects together with YPIC International Energy Cooperation & Development from Yunnan Province in neighbouring China.