Toyo Ventures Holdings Bhd's subsidiaries have entered into an interim engineering, procurement, and construction (EPC) agreement with a consortium led by Sunway Construction Group Bhd in relation to the Song Hau 2 Thermal Power Plant Project in Vietnam.
The subsidiaries of Toyo Ventures Holdings Bhd are Toyo Ink Group Berhad and Song Hau 2 Power Company Ltd. Meanwhile, the Sunway-PECC2 consortium is an unincorporated consortium comprising Sunway Construction Sdn Bhd and Power Engineering Consulting JSC 2.
The agreement sets out the framework for negotiations and discussions for the parties to establish the detailed terms and conditions for the contractor’s performance in the design, engineering, procurement, manufacture, supply, construction, testing, and commissioning of a coal-fired electric generation plant with a capacity of 2,120MW for the Song Hau 2 Thermal Power Plant project located at Song Hau Power Generation Centre in Hau Giang Province.
The Interim EPC Agreement demonstrates the commitment of Toyo Ink and Song Hau 2 to fulfil the requirements of the build-operate-transfer (BOT) contract and source finance for the project so that groundwork at the site can commence without further delay.
In December 2020, Toyo Ventures executed the BOT contract with the Vietnamese Ministry of Industry and Trade for the investment and development of the Song Hau 2 Thermal Power Plant Project.
The project will have a total land area of 117.39 hectares and two 1,060MW generators. The project cost is estimated to be approximately $3.23 billion, which will be financed via a mix of debt and equity financing.
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