$2.28 billion Ca Na power project clears feasibility hurdle

The Ca Na Port project invested in by Trung Nam Group. Photo: chinhphu.vn

Khanh Hoa Department of Industry and Trade assesses the project as closely adhering to the Power Development Plan VIII and Resolution No.70-NQ/TW on ensuring national energy security. Once completed, the plant will serve the middle section of Vietnam's power grid, playing a crucial role in supplying electricity to the load centres of the Southern Key Economic Region.

According to the department, although the feasibility report basically meets the requirements, this assessment does not replace the responsibility of the investor.

The Trung Nam - Sideros River consortium, the investor, must directly review the total investment, assess financial feasibility and economic efficiency, and is fully responsible for securing the $2.29 billion in funding.

At the same time, the consortium is bound to ensure the gas supply for the entire 50-year operating lifespan. The project is only eligible for investment and construction approval after the environmental impact assessment report is compiled and approved by the relevant agency in accordance with the Law on Environmental Protection.

This legal step brings the project of the Trung Nam - Sideros River consortium closer to its goal of commencing construction and operation before 2030.

Previously, in January, the Trung Nam - Sideros River consortium won the bid to develop the project. The entire investment worth $2.29 billion will be arranged by the investor. The proposed electricity price is approved at 13 cents per dollar/kWh.

In April, Khanh Hoa People's Committee and Trung Nam - Sideros River signed the investment and business contract for the project and the credit contract for the Ca Na Port Area phase 1.

Spanning 265.7 hectares in Ca Na commune, the project includes a 1,500 MW power plant and technical corridor occupying 33.4 ha. The remaining area is used as water surface for the port and storage system. One geographical advantage of the project is its location near the planned Van Phong Bay fuel storage area (Khanh Hoa province). This facilitates the provision of a backup fuel supply for the plant via sea or pipeline.

Accompanying infrastructure includes a regasification system with a capacity of 1-1.2 million tonnes per year, a storage tank with a capacity of 220,000 square metres, a supply pipeline, an import port, and a 2,400 m long eastern breakwater. According to the plan, the enterprise must complete construction and put it into operation before December 31, 2030, with an operating lifespan of 50 years.

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