Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets, has announced that it has been engaged by a confidential investor to develop a 130MWp solar farm in Myanmar. As a part of the agreement, MEM will share development risk with the client, “putting skin in the game” as a part of the execution of their services. The project is expected to be in commercial operation in Q4/2019.
The client approached MEM to originate an investment opportunity in Myanmar. MEM collaborated on the initial site hunting to identify resources and is now supporting through a de-risking process for the project investors.
The development agreement is a progression of Modern Energy’s business model of aligning interests with clients by sharing risk. The SE Asia region is a focal point for renewable energy investors, however, deal flow of investment grade projects has been a challenge for those investors. Many have turned to MEM for collaboration that includes site hunting to originate their own wind and solar projects. They understand how MEM is more than a technical advisory, with unique experience leading projects from development through construction and operations. “Putting skin in the game” through its collaboration with investor clients aligns interests for a win-win relationship. Modern Energy Management operates as an Owner’s Representative, providing investors the leadership to develop, build, and operate renewable energy projects in emerging markets.
“Modern Energy is uniquely suited to partner with our clients like this,” reported Aaron Daniels, Managing Director of Modern Energy Management. “We are the only renewable energy advisory firm with real experience successfully developing, building and operating wind and solar projects in the ASEAN region. And we have direct relevant renewable energy development experience in Myanmar. This gives us the confidence to propose win-win solutions to clients like this.”
The government of Myanmar aims to produce 2% of its electricity (approximately 200MW) through renewable energy (wind and solar) by 2020 and 9% (2,000MW) by 2030. Currently there are no operating wind or solar plants in Myanmar.