Ho Tram inks $63m power plant agreement
Ho Tram inks $63m power plant agreement
Ho Tram Project Company (HTP) and PetroVietnam Low Pressure Gas Distribution Joint Stock Company (PVGasD) signed a Memorandum of Understanding (MoU) to build a co-generated power plant worth US$63 million for Ho Tram’s own projects.
The project, deployed under the build-own-operate (BOO) model, will include a thermal power generation plant within the existing Central Plant Building on the company’s 164ha site.
Construction is expected to begin later this year and will provide energy for Ho Tram Strip in late 2018.
Michael Kelly, HTP’s executive chairman, said with the signing of the MoU, his company would become the first tourism developer in Viet Nam to fully switch to self-generated, greener energy sources. The pioneering move saw HTP invest in a natural-gas fueled plant that would emit less than half of the carbon dioxide and significantly less harmful particulates and carbon monoxide than coal powered systems.
Switching to its own “Cogen” (co-generated) power system is set to revolutionise the way in which large integrated companies source their power in Viet Nam. Cogeneration systems, also known as combined heat and power systems, generate both electricity and usable thermal energy. Instead of losing heat energy during the power generation process, Cogen systems re-use the thermal energy for a more efficient and environmentally-friendly power source.
Do Pham Hong Minh, PVGasD’s deputy director, said co-operation between HTP and PVGasD would come up with a reliable, scalable and environmentally friendly source of 7MW of power together with 2,000 refrigeration tonnes capacity for air-conditioning and refrigeration capacity.
Ho Tram Strip is the first resort complex in Viet Nam cooperating with a domestic company on such a power station and is leading its peers in technology.
This $63 million investment in the power plant follows the announcement of HTP’s Kahuna condotel project, worth $60 million.
