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    1608   KYG939541085

VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED

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VPower International : Group's Joint Venture Starts Powering Myanmar with LNG

06/16/2020 | 12:37am EDT

HONG KONG, Jun 16, 2020 - (ACN Newswire) - - VPower Group International Holdings Limited ("VPower Group" or the "Group", stock code: 1608.HK) has successfully expanded its footprint into the liquified natural gas (LNG)- to-power industry through a partnership with China National Technical Import and Export Corporation ("CNTIC"). On 14 June 2020, the power station in Thaketa Township of Yangon, Myanmar built by the 50-50 joint venture of VPower Group and CNTIC ("CNTIC VPower") started generating electricity with LNG. This is the first time LNG being used as the fuel source in power generation in Myanmar.

The power station, with an installed capacity of 477.1 MW, was built on a fast-track basis for one of the Myanmar Government's shortlisted critical projects to boost power supply for summer 2020. The project was awarded to the consortium of VPower Group and CNTIC in late 2019 through a public tender. In addition to the efficient and flexible engine-based power generation technology, CNTIC VPower offers a one-stop LNG solution integrating LNG import, logistics, storage and regassification to the country. The LNG infrastructure is located in Thanlyin of Yangon.

After the power purchase agreement was signed by a project company of CNTIC VPower, the power station has commenced operation in phases starting from 14 June 2020. Electricity generated by this power station will be transmitted to support the nationwide electricity demand, in particular that in Yangon Region, via the national grid.

"This is a milestone for the people of Myanmar and we are proud to be a pioneer of the monumental achievement. This has been a project impossible to many, and executed under the most extraordinary circumstances. We thank all of our suppliers, engineers, consultants, project and commercial teams and numerous government authorities who have given us their unwavering support, dedication and faith that have contributed to our success." said Mr. Earnest Cheung, Chief Executive Officer of CNTIC VPower, "Access to LNG will help the country meet its growing electricity demand and broaden its energy mix whilst allowing a more environmental friendly and sustainable generation for the future."

On top of this project, CNTIC VPower is going to deliver more electricity to the country with another two power projects which were also awarded to the consortium in the same public tender.

"VPower Group has developed a strong position in the gas-fired distributed power generation industry in Asia, and it has been actively working on delivering more low carbon and sustainable energy as a responsible global citizen. The success of this LNG-to-power project has turned the development of VPower Group to a new page as it demonstrates our capability to provide the cleanest fossil fuel available for power generation with operational flexibility and agility. We are extremely pleased to join hands with our strategic partner CNTIC on the project and look forward to further deepening our cooperation." Added Mr. Ambrose Lee, Chief Strategy Officer and Head of Capital Markets and Corporate Finance of VPower Group.

About VPower Group International Holdings Limited

Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation (DPG). It principally engages in power system integration (SI) business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and Investment, Building and Operating (IBO) business, involving investing in, building and operating distributed power stations to supply reliable electricity. It is now a leading distributed power station owner and operator in Asia.

Copyright 2020 ACN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Net income 2021 752 M 96,7 M 96,7 M
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P/E ratio 2021 7,36x
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Capitalization 4 330 M 557 M 557 M
EV / Sales 2021 2,15x
EV / Sales 2022 1,71x
Nbr of Employees 628
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