(Yicai Global) Feb. 1 -- Zhejiang Fuchunjiang Hydropower Equipment Co. and its local partner have secured the right to develop the 1390 megawatt combined-cycle gas turbine electricity generation projects in Ayeyarwady Region in Myanmar.

The company inked the project commencement notice with Myanmar's Ministry of Electric Power and Energy on Jan. 30, the power equipment developer announced yesterday.

The company will team up with the local project contractor Supreme Trading Co. to develop the project, per the announcement, which made no mention of the investment ratio, profit sharing and other details during the project's construction and operation.

The project will be developed in the mode of investment-build-operate-transfer (BOT) and the project development group will receive the franchise right of not less than 30 years from the project's commercial operation declaration. The announcement said.

The joint undertaking is part of Myanmar's national power grid construction plan, an important large-capacity base load power plant in the area. After commercial operation, it will reliably support the country's national power grid, thus greatly easing residential and industrial power shortages in the capital Yangon and its environs and will drive exports of Chinese equipment manufacturers, the announcement added.

The electricity generating project is another clean energy undertaking in which ZHEFU Hydropower has invested in countries along the Belt and Road initiative's routes following its investment in the Pulau Batam Hydropower Station project in Indonesia in 2016, per the notice.