Investors line up to develop Vung Ang III Power Plant

July 19, 2021 | 13:35
Along with the joint venture of Siemens Energy, Korea Electric Power Corporation, and Power Engineering Consulting JSC 2, numerous other investors have expressed interest in developing Vung Ang III Power Plant.
Investors line up to develop Vung Ang III Power Plant
There is no shortage of domestic and foreign investors looking to develop Vung Ang III Power Plant

Some days ago, the joint venture of Siemens Energy, Korea Electric Power Corporation, and Power Engineering Consulting JSC 2 (PECC2) submitted a proposal to develop the $4.59 billion Vung Ang III Power Plant.

Besides them, a joint venture between T&T Group and PV Power has also submitted a bid to develop the plant under the independent power producer (IPP) model with the total investment capital of $3.55 billion. The project is expected to cover an area of 123.8 hectares. According to the investor’s proposal, it will develop a liquefied natural gas (LNG) storage and Vung Ang III LNG power centre with a total capacity of 3,000MW.

In October 2019, a consortium of Siemens and Samsung C&T worked with Ha Tinh People’s Committee to submit a proposal for Vung Ang III. Their proposal would set the capacity of the project at 1,200-1,500 MW. The investment capital was estimated between $1.5 and $1.8 billion.

All of these foreign investors want to switch the project from coal-fired to LNG power generation.

In October 2020, three domestic investors also submitted a proposal to Ha Tinh People's Committee to develop Vung Ang III Power Plant. These parties included Tan Co Consulting and Trading JSC, Vietracimex, and a joint venture between Hoanh Son Group JSC and Dong Thinh Phat Investment and Development JSC.

By Ha Vy

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