Vinacapital, an asset management group in Vietnam, and GS Energy, a South Korean company, have inked an MoU with Export-Import Bank of Korea (KEXIM) to facilitate the financial development of the Long An I and II liquefied natural gas power plant projects.
The agreement paves the way for in-depth exploration of potential opportunities for KEXIM to extend financial support and credit to Long An Energy Group Limited Liability Company, a joint venture established by VinaCapital and GS Energy.
Yoon Hee-seong, CEO of KEXIM said, "Given that liquefied natural gas (LNG) power plants in Long An exemplify a notable collaborative endeavour, having already secured investment certification from the Vietnamese government, KEXIM is committed to actively assisting Korean businesses and Engineering, Procurement, and Construction contractors participating in this project."
Huh Yong-soo, CEO of GS Energy, emphasised the long-standing recognition among Korean companies of the benefits associated with investments in Vietnam. He lauded the supportive role of KEXIM and welcomed the engagement of other Korean firms in this initiative.
The Long An I and II LNG power plant projects are strategically located in Long An province's Can Giuoc district. Originally intended as thermal coal power projects, environmental concerns prompted a transition to LNG.
In March 2021, Long An People's Committee granted its approval for the investment blueprint of the two power plants. The estimated total investment for both power plants, comprising combined-cycle gas turbine facilities and an LNG storage system, amounts to approximately $3.13 billion.
The development will occupy an area of approximately 85 hectares. Each power plant is designed to generate 1,500MW, resulting in a combined project capacity of 3,000MW.
The Power Development Master Plan VIII, endorsed by the prime minister on May 15, designates these power plants as pivotal energy generation and grid ventures, affording them the highest priority within the electricity sector.
The implementation timeline for Long An I spans from 2021 to 2030, while Long An II is scheduled for the period from 2031 to 2035.
Don Lam, CEO of VinaCapital, underscored the critical role that the Long An power plants will play in producing clean electricity for the southern region, as well as the positive impact on the area's economic growth.
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