Texas-based Quasar Resources is looking to invest several million dollars to set up power generation assets in Myanmar.
The company plans to invest $300-400 million in Myanmar over the next five years to set up various power projects; this includes a 100 MW solar power project.
The solar power project is expected to come up in the Sagaing region at a total investment of $150 million. The company is yet to secure all approvals required to set up the project and expects to commission the project by next year.
In addition to this solar power project the company is also planning to set up a 64 MW hydro power project as a total cost of $150 million. The project will be set up in the Upper Saedawgyi region.
The solar power project planned by Quasar will be among the first large-scale solar power projects to come up in Myanmar. Thailand-based Green Earth Power had announced, last year, a 220 MW solar power project at a total cost of $275 million.
Myanmar suffers from huge electricity crises as over 70 percent of the people do not have access to electricity. In rural areas, where the majority of the poor live, only 16 percent of households have access to grid-based electricity. The government plans to increase electricity production from the present 2,500 MW to 30,000 MW by 2030.