U.S.-based ACO Investment Group entered an agreement this week with the Burma Ministry of Electric Power to develop two 150-megawatt solar energy plants.
Burma relies heavily on hydropower, which decreases in output during the dry season, when solar sources are at their peak. When completed in 2016, the solar project is expected to account for 10 percent–12 percent of the country’s power generation.
The projects, which are valued at $480 million, will be managed by ACO Investment Group’s subsidiary Convalt Energy. U.S. export content will make up about 20 percent of the projects’ value. It’s considered one of the largest investments by a U.S. company in Burma since the easing of U.S. sanctions.
“Through the U.S. Responsible Investment Reporting Requirements, U.S. companies making significant investments in Burma must be fully transparent about payments made to the government and about how they respect human rights in their business operations,” the Office of the U.S. Trade Representative said in a statement.
U.S. firm gains $480M solar project in Burma
