EVN signs loan agreement for LNG Quảng Trạch II Project with Big Four banks

EVN signs loan agreement for LNG Quảng Trạch II Project with Big Four banks

The total value of the signed credit facility amounts to VNĐ29.57 trillion (US$1.14 billion).

EVN signs loan agreement for the LNG Quảng Trạch II project with the Big Four banks. — Photo bnews.vn

Vietnam Electricity (EVN) has signed the loan agreement for Subproject 1 of the LNG Quảng Trạch II Power Plant Project with a consortium comprising Vietcombank, VietinBank, BIDV and Agribank. 

The total value of the signed credit facility amounts to VNĐ29.57 trillion (US$1.14 billion).

The LNG Quảng Trạch II Power Plant Project has a capacity of 1,500 MW, consisting of two units of 750 MW each. The plant is being built at Hòn La Economic Zone, Phú Trạch Commune, Quảng Trị Province. 

The project is invested by EVN, with a total investment of more than VNĐ52.49 trillion, of which 20 per cent is equity and 80 per cent is commercial loans.

The project is divided into two subprojects. Subproject 1 – the power plant – has a total investment of VNĐ40.1 trillion, while Subproject 2 comprises the LNG storage facility and port, with an estimated investment of about VNĐ11.8 trillion.

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.

Đặng Hoàng An, EVN chairman of the members’ council said that Việt Nam’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. 

Speaking at the ceremony, Nguyễn Ngọc Cảnh, Deputy Governor of the State Bank of Vietnam (SBV), affirmed that the signing clearly demonstrated a spirit of action and solidarity among state-owned enterprises and the banking system in implementing the Party’s and State’s strategic objectives on ensuring national energy security.

The co-financing of the project by the four state-owned commercial banks would not only ensure financial resources but also affirm the role, capacity, and responsibility of the country’s banking system in implementing large-scale, long-term projects, helping reduce dependence on foreign loans and promoting a green and sustainable energy transition. 

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