At the signing ceremony for the loan agreement between EVN and Vietcombank, VietinBank, BIDV and Agribank (Photo: VNA)

Vietnam Electricity (EVN) has signed the loan agreement for Sub-project 1 of the LNG Quang Trach II Power Plant project with four major banks, with the total value amounting to 29.57 trillion VND (1.14 billion USD).

The consortium of the banks comprises Vietcombank, VietinBank, BIDV and Agribank.

The project has a capacity of 1,500 MW, consisting of two units of 750 MW each. The plant is being built at Hon La Economic Zone, Phu Trach commune, Quang Tri province.

It is invested by EVN, with a total investment of more than 52.49 trillion VND, of which 20% is equity and 80% commercial loans.

The project is divided into two subprojects. Subproject 1 – the power plant – has a total investment of 40.1 trillion VND, while Subproject 2 comprises the LNG storage facility and port, with an estimated investment of about 11.8 trillion VND.

Subproject 1 involves the construction of a 1,500 MW power plant, including combined-cycle gas turbine units and synchronised auxiliary systems such as water supply and treatment systems, wastewater treatment, electrical systems, and measurement and control systems.

EVN Chairman Dang Hoang An said that Vietnam’s power sector currently ranked second in Southeast Asia and 20th globally in terms of scale.

With the goal of achieving double-digit economic growth, investment demand for the power sector from now to 2030 was expected to increase sharply, he said.

Source: VNA