The US-based ACO Investment Group has entered into an agreement with the Ministry of Electric Power to develop two 150 MW solar energy plants. The projects, which are valued at $480 million, will be managed by the ACO Investment Group’s subsidiary Convalt Energy. It is considered one of the largest investments by a US-based company in the country since the easing of US sanctions. Myanmar relies heavily on hydropower, which decreases in output during the dry season, when dependence on solar sources is at its peak. When completed in 2016, the solar project is expected to account for 10–12 per cent of the country’s power generation.
