PV Power to take over Nhon Trach 3 and 4 thermal power plants

April 26, 2018 | 12:04

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PetroVietnam Power Corporation (PV Power), Vietnam’s second largest electricity producer, will replace PetroVietnam as the investor of Nhon Trach 3 and 4 thermal power plants located in Ong Keo Industrial Zone (IZ) in the southern province of Dong Nai.

The prime minister recently approved the proposal of PV Power to take over these two projects from PetroVietnam after collecting the opinions of ministries and relevant authorities.

Previously, in February 2017, the prime minister agreed to add the Nhon Trach 3 and 4 projects to the National Power Development Master Plan VII and assign PetroVietnam as the investor of the projects.

According to the plan, the two thermal power plants will cover an area of 34 hectares and have a total investment capital of VND33.3 trillion ($1.46 billion), with the production capacity of 750-800MW each.

PV Power will use VND9.99 trillion ($438.29 million) of its equity and VND23.31 trillion ($1.02 billion) from loans to develop these two projects.

Nhon Trach 3 power plant will occupy nearly 16.6 hectares, while the second power plant will be spread over an area of 17.4 hectares (excluding the complex area, surface water, and public service buildings).

They will use liquefied natural gas (LNG) imported from the Thi Vai storage terminal.

Nhon Trach 3 thermal power plant is expected to come into commercial operation in 2020, while Nhon Trach 4 is due for 2012.

PV Power will use VND9.99 trillion ($438.29 million) of its equity and VND23.31 trillion ($1.02 billion) from loans to develop these two projects.

In late January, PV Power organised a successful IPO by selling out the offered shares and acquiring VND6.99 trillion ($307.8 million) in proceeds.

PV Power’s success came as no surprise because the company has been reporting profitable operations with profit and stable, increasing revenue and profit figures.

After the successful IPO, PV Power reported positive business results in the first quarter of this year.

Notably, the firm acquired VND8.38 trillion ($368.08 million) in revenue and VND726.9 billion ($31.9 million) in pre-tax profit, exceeding its quarterly targets by 110 and 224 per cent.

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