Singaporean investment holding company Avarga Limited has announced that it is pulling out of an energy-generation project in Myanmar after more than a decade in the country.
In a statement to the Singapore Stock Exchange dated July 10, the company said it was selling its 100 percent stake in the Ywama power station in Yangon to another Singaporean company, GreenGen Pte. Ltd., for around US$10 million.
Registered in Myanmar as UPP Power Myanmar, Avarga has invested more than $46 million in the project since its inception in 2014. According to the statement, the company said it would no longer have any involvement in the project under the deal.
In its 2023 annual report, Avarga noted that its operations in Myanmar had deteriorated significantly since the 2021 coup, and that the plant was producing less electricity than required under its power purchase agreement (PPA).
“Our electricity generation rates fell. . .
Subscribe for full access to
Get unlimited access to high-quality reporting from the frontlines and support independent journalism.
Already a subscriber? Log in
