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HONG KONG, Feb 10, 2020 - (ACN Newswire) - Hong Kong listed VPower Group International Holdings Limited (VPower Group), a leading DPG station owner and operator in Asia, announced today (10 February) that the Group and China National Technical Import & Export Corporation (CNTIC) have set up a joint venture company with nominal equity capacity, held as to 50% by each party, for the investment in, development and operation of three power projects in Myanmar with an aggregate contract capacity of 900MW.
Established in 1952, CNTIC is wholly-owned subsidiary of China General Technology (Group) Holding Ltd. which is under direct supervision of the central government of the People's Republic of China. The main business of CNTIC includes import and export of key technologies and complete plants; domestic and overseas project contracting and project management; trade, tendering, commercial and technical consulting, investment and financing. CNTIC is an engineering, procurement and construction (EPC) contractor of VPower Group and the two groups have commenced business relationship since 2010.
"Over the past 67 years since our establishment, CNTIC has been serving the national economy and promoting international trade and cooperation with a commitment to enhance global economic development. Leveraging on our extensive experience in overseas business development and years of close cooperation with VPower Group, we invest in the fast-frack power generation industry in Myanmar for the first time to provide stable and reliable electricity supply for Myanmar people. We believe, the perfect match of VPower Group's flexibility, adaptiveness, technical expertise and our professionalism, innovation and scale will result in a mutual beneficial partnership and lead us to a promising future." Mr Wang Yanming, Vice President of CNTIC said.
In response, Mr. Rorce Au-Yeung, Co-Chief Executive Officer of VPower Group said, "It's our honour to have CNTIC, which is a reputable international enterprise providing integrated service on technical trading, project contracting and project management, as a close partner for years. At this memorable 10th anniversary of our cooperation, we are glad to deepen our cooperation at different dimensions to enhance the win-win relationship."
"Being one of the fastest-economies in Southeast Asia going through legal and systematic reform in recent years, Myanmar has become a popular Asian country longing by foreign investors. Since our entry in Myanmar in 2015 with a self-invested and operated distributed power station, we are pleased to have witnessed the government's effort in improving the systems of different industries from multifaceted perspectives, especially the energy and electricity sector, to provide a friendly business environment for foreign investors like us. Joining hands with CNTIC for the addition of 900MW generation capacity, we expect that these projects will further alleviate local power deficit to support local economic development and enhance people's living standard."
VPower Group (1608.HK) announced in October 2019 that a consortium comprising VPower Group and a strategic partner formed for tender submission for power projects as called by Electric Power Generation Enterprise of the Ministry of Electricity and Energy of Myanmar, won three projects with an aggregate 900MW generation capacity. The parties are in negotiation for the terms in the shareholders' agreement.
Topic: Press release summary
Source: VPower Group International Holdings Ltd
Sectors: Energy, Alternatives, Oil & Gas
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From the Asia Corporate News Network
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