The 1280 MW project in Hpa-An township in Kayin state is planned to use Japanese ultra-supercritical technology and is expected to come online in 2023.
The plant will run on around 4m tonnes of imported coal per year, TTCL said.
TTCL executive vice-president Suratana Trinratana was quoted as saying that a joint venture agreement with the state government is in the pipeline, under which the state would own a 5 per cent share in the project.
She added that construction work was expected to cost up to $2bn and that TTCL’s expected return on investment in the plant is between 10 and 13 per cent.
TTCL is a joint venture between Italian-Thai Development, which holds a 51 per cent stake in the firm, and Japan’s Toyo Engineering Corp, which owns 49 per cent.
The company currently operates one power plant in Myanmar, a 120 MW combined-cycle plant in Ahlone, Yangon, which came online in 2013.