Citibank and INGbank to provide credit to Nhon Trach power projects
Citibank and INGbank to provide credit to Nhon Trach power projects
Citibank and INGbank will be in charge of arranging capital for the Nhon Trach 3 and 4 thermal power plants, according to a recent agreement signed between PetroVietnam Power Corporation (PV Power) and the two foreign banks. 
According to Chairman of PV Power Ho Cong Ky, Citibank and INGbank were reputable foreign banks in the market. The two banks would raise appropriate financial options for Nhon Trach 3 and 4 thermal power projects.
Prime Minister Nguyen Xuan Phuc in March 2019 approved PV Power to be the investor of the two power projects, which were located in Ong Keo Industrial Zone, Nhon Trach District, Dong Nam Province. Nhon Trach 3 and 4 would be the first power projects in Viet Nam to use imported liquified petroleum gas.
The two power projects with a total capacity of 1,500MW would have total investment of nearly VND33 trillion (US$1.4 billion), 70 per cent of the capital would be from borrowing.
The two plants were expected to be put into operation in 2022-23. PV Power was striving to start construction of the two projects in early 2021.
The National Steering Committee for Power Development recently asked investors of power generation projects to speed up construction of key projects in 2021-25, including Nhon Trach 3 and 4, Duyen Hai 2, Van Phong 1, Song Hau 1, Thai Binh 2 and Long Phu 2 thermal power plants.
Statistics showed that among 62 power generation projects with capacity from 200MW, 47 were still under construction.
The committee also proposed favourable conditions to be created for solar and wind power projects to meet the increasing power demand for socio-economic development.
