UPP Holdings

UPP Holdings: Entered a power purchase agreement (PPA) with Myanmar Electric Power Enterprise (MEPE) to sell electrical energy at the rate of US$0.034/kWh, subject to certain adjustments based on an agreed adjustment formula. The PPA is based on a ‘take or pay basis’ with a guaranteed annual minimum off-take of 350m kWh with a term of 30 years, starting from the scheduled commercial operation of the first plant in 1H14. The Department of Electric Power will supply natural gas at no cost to UPP throughout the term of PPA, unless the gas consumption exceeds certain parameters as agreed between the parties.