Singapore-based Yoma Strategic Holdings and the Norwegian Investment Fund (Norfund) are building microgrids in Myanmar’s off-grid rural areas.
Yoma and Norfund’s $2 million joint venture, Yoma Micro Power, will target rural communities and telecommunications companies’ that are expanding their presence in rural areas.
Each organization will own 47.5 percent of the joint venture; the remaining five percent will be held by the venture’s manager, Alakesh Chetia, formerly SunEdison’s director of rural electrification.
Yoma Micro Power will kick off with a pilot project in the northwest region of Sagaing. Only 16 percent of Myanmar’s 38 million rural citizens (out of 54 million total) have access to electricity.
Myanmar is targeting 50 percent electrification by 2020 and 100 percent by 2030.
