Malaysia-based investment holding company Mudajaya Group Berhad and construction company IJM Corporation Berhad have made a joint investment of $750 million in the construction and development of a 500 MW coal-fired power plant in Myanmar. The construction of the plant, to commence in the second half of 2014, will be implemented in several phases. The companies will form a special purpose vehicle (SPV) for the development of the plant: Mudajaya will own a 70 per cent stake, with the remaining to be held by IJM. Currently, the companies are conducting a feasibility study for the plant, which will be completed within the next one year. Thereafter, the SPV will sign a power purchase agreement for the plant.
