China Eximbank to Lend $300M to Vietnam Power Project
The Export-Import Bank of China has signed a deal with the Vietnamese Ministry of Finance to lend $300 million to the state-run Electricity of Vietnam Group (EVN) to build the 1,244-MW Vinh Tan 2 coal-fired power plant in Vietnam.
The loan is expected to meet 85% of capital demand for the plant, the Vietnam government said on its website.
The VND23.477 trillion ($1.174 billion) plant is under construction in August in Vinh Tan commune, Tuy Phong district, the central province of Binh Thuan.
The two-turbine plant is expected to generate 7.2 billion kWh of electricity a year once its turbine 1 starts operation in Dec 2013 and turbine 2 in June 2014.
Vietnam plans to build 90 coal-fired power plants with a combined capacity of 106,000 MW and a total investment of $83 billion through 2025. (chinhphu.vn, Vietnamplus.vn)
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