EVN to invest in $2.1 billion thermal power project in Quang Binh province
Electricity of Vietnam (EVN) will invest approximately $2.1 billion in Quang Trach II Thermal Power Plant in Hon La Economic Zone, Quang Binh province.
Quang Trach II Thermal Power Plant received the green light from the PM. Photo: a thermal power plant
According to Quang Binh People's Committee, the Vietnamese prime minister has approved the investment of the Quang Trach II Thermal Power Plant project.
Quang Trach II Thermal Power will be invested by EVN in Hon La Economic Zone, Quang Binh province.
The project has a capacity of 1,200MW with a total preliminary investment value of approximately VND48.156 trillion ($2.1 billion)
Of this, the firm’s equity will be more than VND9.634 trillion ($418.87 million), accounting for 20 per cent of the total investment value, while its debts will be roughly around VND38.525 trillion ($1.68 billion).
The first unit of Quang Trach II Thermal Power Plant is expected to go into commercial operation in 2028, and the second unit will operate in the following year.
Quang Binh province was assigned by the prime minister to grant investment registration certificates for related enterprises, as well as boost land-use conversion and project implementation supervision.
Specifically, the PM also asked the locality to coordinate with the Ministry of Natural Resources and Environment and other parties to carry out an environmental impact assessment of the project.
EVN will be in charge of providing data such as total investment and estimated capital. The PM also noted that related parties must ensure efficient use, preservation, and development of state capital.
Meanwhile, Quang Trach I Thermal Power Plant, a component project of Quang Trach Power Centre, began construction in 2011. In 2017, EVN replaced PetroVietnam as the developer of Quang Trach I Thermal Power Plant due to slow implementation.
Last month, the joint venture of Daewoo E&C LILAMA submitted a document to the PM and the standing PM to reflect on the unfair selection of the EPC contractor for the 15th contract package at Quang Trach I Thermal Power Plant.
At present, contractors are building infrastructure for the plant. However, the project’s progress has been impacted by the encroachment of a number of households in Vinh Son village on the land allocated for the project. They illegally built houses, a slaughterhouse, and fences to set out the land for cultivation. Some families have received compensation but have yet to hand over the land.