The company in under contract with Myanmar Lighting IPP (MLC) to construct the 230MW power plant in Mawlamyaing Township.
Owned and operated by MLC, the power plant is expected to produce enough electricity to provide power to approximately 5 million people in the country.
Asiatech Energy Mr Tang Weng Fei, Chairman, Private Limited said, "This is a significant milestone for us and UOB has been instrumental to this project by supporting us with funding from Singapore."
UOB Group Wholesale Banking managing director and head Frederick Chin said the financing is in line with the bank’s approach of supporting the businesses building the infrastructure that is necessary to drive the region’s economic growth.
"As power is essential in the creation of new industries and jobs for Myanmar, we are honoured to be able to partner with AsiaTech Energy to help deliver on the country’s increasing demand for electricity," Chin added.
Built over two phases, the Mawlamyaing plant is expected to start producing an initial 43MW of electricity by the second quarter of 2014.
The project is anticipated to be completed at the end of 2015, and the electricity generated will be distributed by Myanmar Electrical Power Enterprise.
