United Overseas Bank (UOB) signed a financing agreement with a Singapore firm to build a power plant in Myanmar on Feb 24.

Singapore-based Asiatech Energy is going to build a combined cycle gas-fired power plant in Mon State, Myanmar.

Mr. Frederick Chin, managing director and head, group wholesale banking of UOB, said the bank's business approach is to support clients as they expand across the region.

Myanmar Lighting commissioned Asiatech Energy to construct the power plant in Mawlamyaing Township, and will own and operate the power plant.

The electricity generated will be distributed by Myanmar Electrical Power Enterprise.

The 230 megawatt power plant will produce enough electricity to provide power to approximately 5 million people in Myanmar.

Data from the Asian Development Bank shows that only a quarter of Myanmar's population of 60 million people has access to electricity.

Outside the main cities of Yangon, Nay Pyi Taw and Mandalay, one in five households is connected to the electricity grid in Myanmar.