Four commercial banks inked a deal here on Thursday to provide VND5.4 trillion (US$23.75 million) in credit for the expanded Vinh Tan 4 thermoelectric project.

According to Electricity of Viet Nam (EVN) officials, the An Binh Bank acted as a coordinator with the Viet Nam Bank for Agriculture and Rural Development, the Tien Phong Bank, the LienVietPost Bank and the HCM City Housing Development Bank, to arrange the financial package.

Under the contract, the loan will have a term of 15 years (180 months), with a grace period of 60 months.

The project, invested in by the EVN group, is one of the five thermoelectric plants in the Vinh Tan power complex in the south central province of Binh Thuan.

It has a total investment of VND23.9 trillion (over $1.1 billion) and has been listed among the urgent projects for 2013-20.

The plant has one turbine with a capacity of 600MW. After becoming operational in 2019, it will supply around 3.9 billion kWh of electricity to the national grid. – VNS