Malaysia-based Mudajaya Corporation Berhad (MCB), a wholly owned subsidiary of the Mudajaya Group Berhad, has signed an MoU with the Mandalay government to facilitate the development of coal-fired and solar-powered independent power plant projects in the region. The first-phase construction works of the coal-fired power plant, entailing a total cost of $750 million, will start in the second half of 2013. The facility will supply up to 500 MW of electricity to the Mandalay region. The promoter of IJM Corporation Berhad (a Malaysia-based construction firm) is MCB’s partner in the project. The project will be implemented through an SPV: MCB will hold a 70 per cent stake, while IJM’s promoter will hold a 30 per cent stake. The MoU will expire at the end of 12 months unless all parties agree to an extension.
