Together with the International Finance Corporation (IFC), which will be supported by the Canadian government, Norwegian investment fund Norfund and Singapore-listed Yoma Strategic Holdings, Yoma Micro Power will raise a total of $28 million through debt and equity for the project.

Post the investment, Yoma Strategic will hold 35pc, while Norfund and IFC will hold 30pc each in Yoma Micro Power. The remaining 5pc will be held by Mr Alakesh Chetia, CEO and project head of Yoma Micro Power.

With the aim of electrifying “hundreds of telecommunications towers and rural communities,” the project will have the potential to scale up to more than 2,000 power plants by 2022, officials from Yoma Micro Power said.

“Electricity will mainly be distributed to locations that need telecommunications towers. In that connection, nearby villages will also receive power,” they said.

The project will be implemented in Sagaing, Magwe and Mandalay regions, collectively known as the Dry Zone, after which it will be extended to cover the whole of Myanmar over the longer term, said Mr Chetia.

The company has already completed the construction of ten power stations in Sagaing Region last year. As a result, a total of four off-grid villages, or up to 700 people, now able to enjoy access to electricity.

In areas without access to power, mini-grids and small-scale transmission lines utilising solar energy, diesel and energy storage systems will be provided.

Meanwhile, those renting the telecommunications towers will be expected to pay a fee to receive coverage. “For now, the minimum price will be K5,000 monthly and this will increase depending on usage,” said Mr Chetia.

Yoma Micro Power, which is funded by Yoma Strategic, builds, owns, operates and maintains micro-power plants and mini-grids in off-grid areas. These installations are powered by a combination of solar modules, diesel generators and energy storage solutions.

The micro power plants provide electricity to an “anchor tenant” such as a telecommunications tower operator and the mini-grid provides electricity to the surrounding communities, including households, schools, shops and businesses.

Rural households can pay for the electricity service using cash or Wave Money. Last month, Yoma Strategic acquired a 34pc stake in the mobile financial services provider from Yangon-listed First Myanmar Investment Company (FMI) for $19.4 million. FMI is also a shareholder in Yoma Strategic. Both companies are controlled by Mr Serge Pun.

For more details : https://www.mmtimes.com/news/yoma-strategic-backed-outfit-produce-and-supply-power-rural-myanmar.html