Companies collaborate to support PV Power’s Nhon Trach 3 and 4

This financing will support the completion of PV Power's Nhon Trach 3 and 4 power plants, which are set to be Vietnam's first liquefied natural gas (LNG) to electricity plants.

Located in the southern Dong Nai province, these two plants are expected to add 1,624 MW of capacity to Vietnam's electricity network. The plants play a crucial role in ensuring Vietnam’s energy security.

Citi and ING acted as the Joint Coordinator and Joint Mandated Lead Arranger. Furthermore, Citi acted as K-SURE Agent, Global Facility Agent, Security Agent, Intercreditor Agent, and Account Bank and ING acted as SERV Agent for this project.

Commenting on the financing, PetroVietnam Corporation CFO Nguyen Duy Giang said, “We appreciate Citi and ING’s support and partnership over the past few years to secure the $521.5 million loan towards the Nhon Trach 3 and 4 Power Plants. Nhon Trach 3 and 4 Power Plants are key national projects and will help meet the growing demand for power in the country. The projects will open a new chapter in the formation and development of the LNG project chain in Vietnam.”

Pham Huu Hai, Citi Vietnam’s corporate banking head and Citi Hanoi’s branch director said, “Citi has been working with PV Power to support this initiative since 2020 and jointly provided a $300 million short-term loan. This project is a driving force to promote economic development and will reduce the power shortage in the country’s commercial hub in South Vietnam."

Michiel de Vries, ING’s global head of Structured Export Finance commented, “ING is delighted to support PV Power with its structured export finance and energy sector expertise. We are keen that ING as SERV Agent could jointly arrange SERV cover for about $291.5 million of PV Power's total long-term ECA covered financing. We see further cooperation potential with European ECAs in Vietnam and the wider Asian market where ING is locally well represented.”

“GE Vernova’s Financial Services played a crucial role in securing the competitive ECA financing for PV Power and the Nhon Trach 3 and 4 Power Plants, illustrating our commitment to supporting Vietnam’s energy security,” said Marco Appolloni, SVP, GE Vernova’s Financial Services business.

Recently, Citi Vietnam was recognised as the Best Corporate Bank for 2024 by FinanceAsia, the region’s premier capital markets publication, marking a significant milestone as the bank celebrates its 30-year anniversary in Vietnam.

As one of the premier international financial institutions in Vietnam, Citi boasts a robust global network across 95 markets. Leveraging this extensive reach and expertise, the bank remains committed to delivering unmatched digital banking solutions and top-tier services to its clients.

Citi's focus on digital innovation and customer-centricity highlights its dedication to providing best-in-class banking solutions tailored to meet the diverse needs of both local and international clients.

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