AES Corporation has ensured finance for one of Vietnam ’s largest thermoelectricity power plants.
The Vietnam Investment Review on Feb. 28 said that the Americancorporation has sold 30 and 19 percent stakes in AES-VCM Mong DuongPower Co. Ltd to Posco Power Corp of the Republic of Korea andChina Investment Company of China (CIC). The agreements were signed inSeoul recently.
AES said it was also waiting forVietnamese government’s approval for the acquisition of 10 percentstakes from the state-owned Vietnam National Coal, Mineral IndustriesHolding Corporation in the Mong Duong 2 coal-fired power plant in Quangninh province.
“The joint venture agreements signedon Feb. 28 will help ensure that the financing is properly obtained andthe project construction schedule can be met successfully. We are veryexcited that strong partners like Posco Power and CIC are joining theproject and we all share the common aim of making Mong Duong 2 a projectthat Vietnam will be proud of,” said Ian Fox, chief executive officerat AES-VCM Mong Duong Power Co. Ltd.
The 1.9 billionUSD plant, which was granted an investment certificate last year, isone of Vietnam ’s most important power projects. The 1,200 megawattproject, once operational, is expected to ease severe electricityshortages in the country.
Vietnam has greatpower sector potential as power demand in country is expected to grow at17 to 22 percent during 2006-2015.
AES Corporationsaid the project was expected too start construction in mid-2011. Sofar, roughly 1.4 billion USD of debt is being raised from internationalbanks with the expected support of export credit agencies of theRepublic of Korea .
AES-VCM Mong Duong Power Co.Ltd last December signed a 1.3 billion USD contract with Doosan HeavyIndustries and Construction Corporation for building the power plant.Meanwhile, operations and maintenance for the project will be providedthrough the joint collaboration of AES and Posco power.
Mong Duong 2 is the first foreign-invested coal-fired,build-operate-transfer power project in Vietnam since 2001.Previously, a joint venture between Japanese Sumitomo Group and TEPCOCompany and French EDF Energy gained licence for investing into the PhuMy 2.2 project and a consortium of Kyushu Electric and SojitzCorporation, BP and SembCorp Utilities invested in the Phu My 3project./.
The Vietnam Investment Review on Feb. 28 said that the Americancorporation has sold 30 and 19 percent stakes in AES-VCM Mong DuongPower Co. Ltd to Posco Power Corp of the Republic of Korea andChina Investment Company of China (CIC). The agreements were signed inSeoul recently.
AES said it was also waiting forVietnamese government’s approval for the acquisition of 10 percentstakes from the state-owned Vietnam National Coal, Mineral IndustriesHolding Corporation in the Mong Duong 2 coal-fired power plant in Quangninh province.
“The joint venture agreements signedon Feb. 28 will help ensure that the financing is properly obtained andthe project construction schedule can be met successfully. We are veryexcited that strong partners like Posco Power and CIC are joining theproject and we all share the common aim of making Mong Duong 2 a projectthat Vietnam will be proud of,” said Ian Fox, chief executive officerat AES-VCM Mong Duong Power Co. Ltd.
The 1.9 billionUSD plant, which was granted an investment certificate last year, isone of Vietnam ’s most important power projects. The 1,200 megawattproject, once operational, is expected to ease severe electricityshortages in the country.
Vietnam has greatpower sector potential as power demand in country is expected to grow at17 to 22 percent during 2006-2015.
AES Corporationsaid the project was expected too start construction in mid-2011. Sofar, roughly 1.4 billion USD of debt is being raised from internationalbanks with the expected support of export credit agencies of theRepublic of Korea .
AES-VCM Mong Duong Power Co.Ltd last December signed a 1.3 billion USD contract with Doosan HeavyIndustries and Construction Corporation for building the power plant.Meanwhile, operations and maintenance for the project will be providedthrough the joint collaboration of AES and Posco power.
Mong Duong 2 is the first foreign-invested coal-fired,build-operate-transfer power project in Vietnam since 2001.Previously, a joint venture between Japanese Sumitomo Group and TEPCOCompany and French EDF Energy gained licence for investing into the PhuMy 2.2 project and a consortium of Kyushu Electric and SojitzCorporation, BP and SembCorp Utilities invested in the Phu My 3project./.
