Myanmar will start construction of a thermal power plant soon to supply power to planned Thilawa Special Economic Zone (SEZ), official media reported Monday.

The thermal power plant project, which lies in Yangon region’s Thakayta township, will start on over 20 hectares as the first phase by the end of this year and is set to complete in December 2014. The power plant, which would generate 500 megawatts’ electricity, will be built by Hanza International Company with the support of 18 companies including a Korea-based Western Power Company. The memorandum of understanding on the project was signed early this month.

The planned Thilawa SEZ project, which includes factories, hightech industry, textile, labor intensive industry and manufacturing industry, is being jointly developed by Myanmar and Japan, with Myanmar holding 51 percent stake and Japan with 49 percent.

Myanmar is to finance the construction of infrastructure such as power station, roads and bridges outside Thilawa SEZ.

Thilawa SEZ project covering an area of over 2,000 hectares lies between Thanlyin and Kyauktan townships in Yangon region.