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GMS Power to sign deal with Yunnan

Thailand-based GMS Power is to sign an agreement with China’s Yunnan electricity bureau for the US$2B Jinghong hydro project. The deal will include a joint venture between the Chinese partners and the company formerly known as MDX Power. GMS will hold a 70% stake in the venture, with the remaining 30% held by the Chinese Power Corporation, the Yunnan Electricity Generating Authority and the provincial government.

The Jinghong hydro project will have a generating capacity of 1500MW and is expected to be completed by 2014. The project is covered by a memorandum signed by the Thai and Chinese governments. Thailand will buy 3000MW of electricity from China over five to seven years starting in 2017.

The consortium may not invest in the US$800M transmission system, which will pass through either Burma or Laos. This part of the project could come under the joint-government programme for the Greater Mekong Subregion.