US fund in deal to build Myanmar solar plants

YANGON, Myanmar (AP) — A U.S investment fund has signed a $480 million deal to build two solar energy plants in central Myanmar, one of the largest investments by an American firm since the easing of U.S. sanctions.

The agreement, inked by the ACO Investment Group and the Ministry of Energy, is aimed at helping ease electricity shortages in the country of 60 million, which only recently emerged from a half-century of military rule and self-imposed isolation.

The U.S. Embassy said Thursday the two 150 megawatt solar energy plants in the Mandalay region could account for 10 percent to 12 percent of Myanmar's power generation when completed in 2016.

It said the project would create 400 construction jobs in the two Mandalay districts where the plants will be located and 100 permanent jobs.