Indonesia’s state-owned mining firm PT Bukit Asam is preparing to throw cash into power plant projects in Myanmar, the Jakarta Post reported.
The firm will invest USD 320 million as starting capital in the country.
Milawarama, president of PT Bukit Asam, said the firm had established a partnership with a local firm which he decline to name.
“We have reached discussions at the level of board of directors, including about how to enter the market and the sharing in the partnership,” Milawarma is quoted by the Jakarta Post.
He also said the company would hold the outstanding stake in the new firm.
The company will develop a coal-fired power plant that would produce 200 megawatts with USD 320 million investment.
The firm also expected that the second project would double the first one in scale.
The president of the company also said it is seeking funding from international and local banks for the expansion.