Vietcombank sponsors $1.2 billion for Quang Trach 1 thermal power project

Thursday, Jul 01, 2021 17:27

The signing ceremony between EVN and Vietcombank. — Photo

The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) committed to finance credit worth VND27.1 trillion (US$1.18 billion) for the Quang Trach 1 thermal power plant project.

Viet Nam Electricity (EVN) and Vietcombank held a signing ceremony for a comprehensive co-operation agreement and financial credit contract supporting Quang Trach 1 thermal power plant project in Ha Noi on Wednesday.

Total investment of the thermal power project is VND41.13 trillion, using capital from EVN (30 per cent) and domestic commercial loan (70 per cent) funded by Vietcombank.

It is expected that the project will be started in the third quarter of this year and completed in 2025.

EVN assigned the project to the Power Project Management Board No 2 as the representative of the investor along with projects at Quang Trach Power Centre with a total area of ​​about 48.6 hectares in Vinh Son village, Quang Dong commune, Quang Trach district, Quang Binh Province.

The project includes two power units with a total installed capacity of 1,200 MW, when put into operation, the plant will provide the national electricity system with an annual output of about 8.4 billion kWh, contributing to ensure the safety of national energy security and improving the safety and stability of the power system.

Quang Trach 1 thermal power plant is considered to be the driving force for economic growth for Quang Binh Province and the North Central region, thereby contributing to create favourable conditions for the local development of supporting industry, contributing about VND1.2 trillion per year to the state budget , creating stable and long-term jobs for local workers, especially highly-qualified workers. — VNS

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