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International banks finance dam project   2010-03-31 - Viet Nam News

National power utility Electricity of Viet Nam yesterday, March 30, signed a 14-year loan agreement with three foreign banks worth US$175 million to fund the Song Bung 2 Hydropower Plant project.

EVN's partners include Japan's Sumitomo Mitsui Banking Corp (SMBC), France's Hong Kong-based Societe Generale and Singapore-based BNP Paribas. This is the first official loan contract the EVN has signed under the guarantee of the Nippon Export and Investment Insurance (NEXI).

The value of the loan represents 80 per cent of the project's total capital investment which is estimated at over VND3.6 trillion ($193 million).

"The contract will provide legal ground for the EVN to sign other contracts to facilitate the project, ensuring its progress," said EVN's deputy general director Dinh Quang Tri.

The 100MW Song Bung 2 hydropower plant, located in the Laee and Zuoil communes of Nam Giang District in Quang Nam Province, is expected to generate 425 million kWh per year when it is completed in 2014.

On the same day, the EVN also signed an engineering, procurement, construction contract worth $1.4 billion for Duyen Hai 1 Thermal Power Plant Project with one of China's largest power corporations, Dongfang Electric Corp Ltd.

As much as 85 per cent of the contract's value will be financed by the Export-Import Bank of China and 15 per cent, by the EVN.

The 1,245MW Duyen Hai 1 plant is one of three power plants under the Duyen Hai thermo power centre which will have annual energy production of about 7.5-8 billion kWh. Construction of the 50ha plant will start this year in Dan Thanh Commune, Duyen Hai District, Tra Vinh Province, and is expected to be completed by the second quarter of 2014.

The two power projects were approved by the Prime Minister in the nation's Master Power Plan 6 for the 2006-15 period.

Thermal power plant

The Ministry of Industry and Trade yesterday inked with Korea-based Taekwang Vina Industries a memorandum of understanding on the development of the $4.5 billion Nam Dinh Thermal Power Plant Project.

Construction of the 2,400MW two-phase plant, located in Hai Chau and Hai Ninh communes in the northern Nam Dinh Province, will start in 2016 and is expected to be completed by 2021. The Viet Nam National Coal Mineral Industries Group will provide coal for the plant's operation in the first phase.

A joint venture between Taekwang Industrial and local shipyard Hoang Anh Hashinco was established to implement the project. The Korean company will also act as a consultant to the Institute of Energy Science during the project.

Deputy Minister of Industry and Trade Le Duong Quang urged the joint venture to complete necessary procedures quickly to ensure the project's progress stayed on track. The minister also asked the provincial authorities to finish land clearance for the project soon.



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