Representatives of VietinBank and Za Hung JSC at the signing ceremony. — Photo qdnd.vn

HA NOI ­­(Biz Hub) – The Vietnam Bank for Industry and Trade (VietinBank) on August 11 signed a credit agreement with Za Hung Joint Stock Company for the construction of the Nhan Hac hydro power project in the central province of Nghe An.

Under the agreement, the project developed by Za Hung SJC will receive a credit package of VND1.38 trillion (US$62.72 million) from VietinBank.

The 59 MW project, located in Que Son Commune in Que Phong District, has total investment capital of VND1.8 trillion ($81.81 million). It includes the Nhan Hac A plant with designed capacity of 55 MW and Nhan Hac B plant with capacity of 4 MW.

At the signing ceremony, Le Xuan Long, general director of Za Hung SJC, said the large-scale project has economic significance for the province as well as the country.

Upon completion, the plants will supply an average of 206.1 million kWh of electricity to the national grid annually, adapting to the increased power demand of central Vietnam and continued economic and social development.

Za Hung SJC, a subsidiary of Ha Do Group under the Ministry of Defense, with experience in investing and implementing hydropower projects, will focus its resources to ensure the project is completed on schedule with the highest quality and technological efficiency.

Construction will start in November, with completion expected by the third quarter of 2018. ­­– VNS