Consortium to develop $2 billion Vietnamese coal-fired plant

• 10 years ago (2014-06-22)
• Junior Isles

Middle East 326

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A consortium of international investors has signed a joint agreement to spend over $2 billion to develop the Nam Dinh1 IPP 1200 MW coal-fired plant in Hai Hau district, Nam Dinh province, Vietnam.

Saudi Arabia’s ACWA Power and Korea-based Taekwang Power Holdings Company Limited were two signatories to the first phase of the power project.

The project it is to be built on a greenfield site and is being developed on a build, own, transfer (BOT) basis. The plant will be equipped with new cleaner coal technologies supplied by government-owned coal company Vinacomin.

Operation and maintenance of the project will be primarily the responsibility of ACWA’s subsidiary NOMAC , while Korean firm POSCO E&C; is the preferred bidder for the engineering, procurement and construction phase of the project, according to a statement by the consortium.

“This project in Vietnam is really meaningful to ACWA Power; in fact, this will offer a stepping stone for ACWA Power to eventually expand into its strategic markets of Philippines and Indonesia which have similar cultures and market structures,” said Rajit Nanda, ACWA’s chief investment officer.