Construction of $2.2 billion Vung Ang II thermal power to start in December
17:15 | 26/10/2021 Print Article
Vung Ang II Thermal Power LLC (VAPCO) will organise the groundbreaking ceremony for the Vung Ang II Thermal Power Plant project in December.
|The construction of the $2.2 billion Vung Ang II thermal power is to start in December |
To date, the investor completed the procedures for the preparation process, including signing a build-operate-transfer contract, the power purchase agreement, and government guarantees and undertakings for the project.
The project combines two turbines with a total capacity of 1,300MW, and is expected to start commercial operation in the third quarter of 2025.
In August 2021, Ha Tinh People’s Committee approved using 24.42 hectares of forest area to serve for the plant’s construction.
In December, the Japan Bank for International Cooperation signed a loan agreement with VAPCO to finance a loan worth $636 million for the project, under the bank's Growth Investment Facility.
The loan is co-financed with private financial institutions as well as the Export-Import Bank of Korea. The total co-financing amount is approximately $1.77 billion.