“The feasibility study on generating power has lasted nearly six months. The power plant project may be implemented in 2016,” said Chit Khaing.
The estimated cost of the plant is US$1 billion, so last May the Eden Group signed an agreement on construction with the Marubeni Corporation from Japan and GPSC Co Ltd, a subsidiary of Thailand’s PTT, as well as the Ministry of Electricity.
The feasibility study, an environmental and social impact study and a business plan are being completed and a location has been chosen.
“We are going to sell power generated to Thanlyin Township and Thilawa SEZ as well as to supply power to Yangon,” said Katsumi Miyamoto of Marubeni at last year’s signing ceremony.
Eden Group has a 15 per cent share in the project and the group is now exploiting oil and gas with Myanmar Offshore.
The first phase of the Thilawa SEZ is expected to be finished this year and the rest of the phases will be finished by June 2016, according to officials.
Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) expected that many Japanese firms will invest in the project after the construction of Thilawa SEZ finishes. The project has been constructed with Japanese help so the involvement and investment will encourage other Japanese companies to follow suit.