Yangon, Sep 16 (IANS) Myanmar will soon start construction of a thermal power plant to supply power to a planned Special Economic Zone (SEZ), state media reported Monday.
The planned Thilawa SEZ project, which includes factories, high-tech industry, textile and manufacturing industry, is being jointly developed by Myanmar and Japan. Myanmar is holding 51 percent stake and Japan 49 percent, says Xinhua.
The thermal power plant project, which lies in Yangon region's Thakayta township, will begin on a 20-hectare plot of land in the first phase by the end of this year. It is set to complete in December 2014.
The power plant, which would generate 500 MW electricity, will be built by Hanza International Company with support from 18 other companies.
Myanmar will finance the construction of infrastructure such as roads and bridges outside the SEZ.
The Thilawa SEZ project covers an area of over 2,000 hectares between Thanlyin and Kyauktan townships in Yangon region.
The Japan International Cooperation Agency (JICA) will provide a loan of 51 billion yen ($510 million) in official development assistance to Myanmar.
Of the total amount, 20 billion yen is for development of infrastructure in Thilawa SEZ and 14 billion yen for upgrading power grid projects and power stations in Yangon.
Nine public companies from Myanmar and a consortium of three Japanese firms -- Mitsubishi, Marubeni and Sumitomo -- will develop the Thilawa SEZ.