Under a filing with the Philippines Securities and Exchange Commission, Basic Energy Corporation has announced the signing of a term sheet with Vintage Engineering Public Company Limited (VTE) of Thailand to acquire a minimum 12.5% stake in VTE subsidiaries, Vintage EPC Co. Ltd. and Vintage International Construction Co. (Vinter). There is an option to raise this to 20%.
The two subsidiaries were awarded EPC contracts for the first phase of the $275 million, 220 MW solar PV plant in Minbu, in Myanmar’s Magway region by Thai renewable developer, Green Earth Power (GEP) in May 2016. Development and construction on the first phase, out of a total of four, is said to be ‘ongoing’ and is expected to total 50 MW.
No further details were provided on the plant.
Back in 2013, GEP reportedly signed a memorandum of understanding (MoU) for the solar project with Myanmar’s electric power ministry. Originally it was said the project would be completed within two years, with the generated electricity being sold to the Myanmar government for a period of 30 years.
In 2015, Thai-based engineering and construction firm, Black & Veatch announced its appointment by GEP to provide design and consultancy services for the project. At the time, construction was slated to begin in the first quarter of 2016. ‘The plant supports the Myanmar Government’s aim to increase electricity production from the present 2,500 MW to 30,000 MW by 2030,’ said the company in a statement.
pv magazine has contacted the relevant parties for more information.