PetroVietnam Power Corporation (PV Power) wants to raise US$1.4 billion for its Nhon Trach 3 & 4 thermal power plants.

Thirty per cent of the capital will be provided by PV Power, and the remaining borrowed from either local commercial banks or international financial institutions.

The money will be disbursed over the next five years and seven local commercial banks have committed to provide VND25 trillion ($1.07 billion) for the projects, according to PV Power general director Nguyen Duy Giang.

PV Power has also worked with financial organisations from Europe, Japan and other countries and the company has been promised $400 million worth of loans without Government’s guarantees.

Nhon Trach 3 and 4 thermal power plants will be equipped with the mixed-flow gas turbine technology, using liquefied natural gas (LNG).

The two power plants have capacity of 1,500 megawatts each and they are being built at Ong Keo Industrial Park in Dong Nai Province’s Nhon Trach District.

The plants are projected to meet rising power demand in HCM City, Dong Nai and Ba Ria-Vung Tau provinces. — VNS