TheReporter.asia

Hong Kong listed VPower Group International Holdings Limited VPower Group a leading DPG station owner and operator in Asia announced 10 February that the Group and China National Technical Import amp 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

VPower Group partners CNTIC to boost 900MW

GE Achieves Record Transmission of Power on Highway

Fuji Electric Announces Launch of 7400WX-T3U

Smart Items in Focusing Hong Kong Lighting Fair

Nissan pioneers first-ever digital EV education series

Panasonic unveil Messi J. Wake up the alkaline battery maket