According to Myanmar state-run newspaper, the officials of Burma on October 9, 2008 signed the latest memorandum of understanding (MoU) on hydropower projects with the Thailand-based Italian-Thai Development Public Co. Ltd and the Singapore-based Windfall Energy Services Ltd, the offshore company which is registered in the British Virgin Islands. The MoU for a reported 600 megawatt hydropower plant is the latest in a series of investment projects in Burma’s hydropower market. The plant will be located in southern Burma on the Tanintharyi River in Tenasserim Division, and reportedly will produce over 35 billion kwh annually. The newspaper report did not provide any further details of this deal.
As of 2008, hydropower projects represent 43% of FDI in military-ruled Burma – twice as much as the oil and gas industry, and six times more than tourism sector. In addition to Thailand and Singapore, other countries actively engaged in Burma’s hydropower market are China, South Korea, India and Bangladesh. Also, foreign direct investment (FDI) level in Burma, which has now achieved its highest level since 1988, is dominated by hydropower projects.